Question

The following are all elements of a valid contract EXCEPT?

1) consideration
2) offer and acceptance
3) competent parties
4) written evidence

Answer 1

The elements of a valid contract include consideration, offer and acceptance, and competent parties. The lack of written evidence does not invalidate a contract.

Step-by-step explanation:

The elements of a valid contract include:

1. Consideration: This refers to something of value (such as money, goods, or services) that each party gives or promises to the other. Consideration is essential for a contract to be legally binding.
2. Offer and Acceptance: There must be a clear offer made by one party, and the other party must accept the offer. Both parties must agree to the terms of the contract.
3. Competent Parties: Both parties involved in the contract must be legally competent, meaning they have the capacity to understand the nature of the agreement and their obligations.

The correct answer is 4) written evidence. While written evidence can help establish the terms of a contract, a contract can still be valid and binding without written evidence.