Question

What are the 4 essential elements of a valid contract?

Agreement, Acceptance, Consideration, and Capacity.
O Agreement, Offer, Consideration, and Capacity.
O Agreement, Consideration, Written Form, and Legality.
O Agreement, Consideration, Capacity, and Legality.
O None of the above.

Answer 1

The 4 essential elements of a valid contract are:

Agreement: There must be an offer made by one party and an acceptance of that offer by another party. Both parties must agree to the same terms and conditions of the contract.

Consideration: Consideration is something of value exchanged between the parties. It can be money, goods, services, or a promise to do or not do something. Each party must provide consideration for the contract to be valid.

Capacity: Both parties entering into the contract must have the legal capacity to do so. This means they must be of sound mind, not under the influence, and of an age where they can legally enter into contracts.

Legality: The purpose and subject matter of the contract must be legal. A contract with an illegal purpose or that involves illegal activities is not valid.

So, the correct answer is: "Agreement, Consideration, Capacity, and Legality."