The validity of a competition contract is subject to the following conditions: 1. The prize shall be known, and the obligor shall be specifically identified. 2. The prize may be cash, in-kind, a due or deferred debt, or part thereof due and part deferred. 3. The subject of the contract shall be described in a manner that precludes uncertainty, and all its conditions and procedures shall be specified.
Interpretation and application must be checked against the official text and current version.