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.