53-1-2. Essential elements of contract. Elements essential to existence of a contract are:
(1) Parties capable of contracting;
(2) Their consent;
(3) A lawful object; and
(4) Sufficient cause or consideration.Source: CivC 1877, § 871; CL 1887, § 3495; RCivC 1903, § 1189; RC 1919, § 804; SDC 1939, § 10.0102.
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