Question

A contract is defined as a deliberate agreement between competent parties, upon legal consideration, to do or not to do some legal act. All of the following are correct statements concerning contracts except:

a. Competent parties must understand the terms of the contract.
b. Consideration is an essential element.
c. Contracts must always be in writing to be valid.
d. Legal capacity is required for the parties involved.

Answer 1

A contract is a deliberate agreement between competent parties, upon legal consideration, to do or not to do some legal act. Some correct statements concerning contracts are: Competent parties must understand the terms of the contract, Consideration is an essential element, Legal capacity is required for the parties involved. However, contracts do not always have to be in writing to be valid.

Step-by-step explanation:

A contract is a deliberate agreement between competent parties, upon legal consideration, to do or not to do some legal act. Some correct statements concerning contracts are:

However, contracts do not always have to be in writing to be valid. While written contracts provide clear evidence of the parties' agreement, oral contracts can still be legally binding under certain circumstances.