Which of the following is NOT a requirement for a valid real estate contract?

A valid real estate contract must meet several criteria to ensure that it is enforceable and legally binding. Among these criteria are informed parties, competent parties, and a lawful object.

Informed parties means that all parties involved in the contract understand the terms and conditions of the agreement. This ensures that decisions are made based on a clear understanding of what is being agreed upon.

Competent parties refer to individuals who have the legal capacity to enter into a contract. This typically means that the parties are of a certain age (usually 18 or older) and mentally capable of comprehending the contract's implications.

A lawful object indicates that the subject matter of the contract must be legal. Contracts that involve illegal activities cannot be enforced.

On the other hand, having incompetent parties as a requirement would undermine the validity of the contract. If a party is deemed incompetent, it raises questions about their ability to understand and agree to the contract's terms, thus affecting its enforceability. Hence, the presence of incompetent parties is not a requirement for a valid real estate contract; rather, it would render the contract potentially invalid.