Final answer:
The last requirement in the offer and acceptance process that leads to an executory contract is Communication of acceptance. Without this step, no enforceable contract exists because the offeror is not informed of the offeree's acceptance.
Step-by-step explanation:
The LAST requirement in the process of offer and acceptance that creates an executory contract is D) Communication of acceptance. An offer is the initial step, where one party proposes the terms of a contract to another. Acceptance occurs when the offeree agrees to the terms as laid out in the offer without any modifications.
However, the acceptance must be communicated to the offeror to create a binding contract. This communication is essential because it informs the offeror that their offer has been accepted and that a mutual agreement has been reached. Until this communication takes place, there is no enforceable contract, even if the offeree has internally decided to accept the offer.
Moreover, the method of communication can also affect the timing of when a contract is created, depending on whether it's an instant communication (like a phone call) or a non-instant method (like the postal rule).