Question - Which of the following is a requirement for a valid contract?

Answered by: Anthony Kelly  |  Category: General  |  Last Updated: 22-06-2022  |  Views: 1279  |  Total Questions: 14

The five requirements for creating a valid contract are an offer, acceptance, consideration, competency and legal intent. For a contract to be valid, it must have four key elements: agreement, capacity, consideration, and intention. A contract must have consideration to be enforceable. Consideration is the benefit, interest, or value that induces a promise. Valid contracts have all the essential elements, and are binding and enforceable on both parties. To be valid, every contract must be entered into as a free and voluntary act of each party. Most contracts only need to contain two elements to be legally valid: All parties must be in agreement (after an offer has been made by one party and accepted by the other). Something of value must be exchanged -- such as cash, services, or goods (or a promise to exchange such an item) -- for something else of value. The following reasons could make a valid contract impossible to enforce: Lack of capacity. Duress, or coercion, into a contract. Undue influence.

https://www.wikihow.com/Determine-if-a-Contract-Is-Valid

Identify an offer, acceptance, and consideration. For a contract to be valid, it must have these three basic elements: a specific offer, acceptance of the terms of the offer, and consideration, which is the agreed-upon exchange of goods or services. A valid offer must be sufficiently definite.

https://www.upcounsel.com/null-and-void-contract

A null and void contract is a formal agreement that is illegitimate and, thus, unenforceable from the moment it was created. A null and void contract is a formal agreement that is illegitimate and, thus, unenforceable from the moment it was created.

https://www.upcounsel.com/what-is-a-valid-offer-in-contract-law

In order for an offer to be valid, it must be clearly communicated, giving the offeree a chance to accept or reject it. Clear communication can include actions, oral communication, or in writing. A valid offer can be made to a group, a single person, or the public at large. Valid offers are definite in their substance.

https://study.com/academy/lesson/valid-void-voidable-and-unenforceable-contracts.html

Valid and Void Contracts A valid contract is a written or expressed agreement between two parties to provide a product or service. There are essentially six elements of a contract that make it a legal and binding document.

https://www.trainagents.com/DesktopModules/EngageCampus/CourseContent.aspx?ModuleType=StudentMyCours

Valid Contracts- if a contract has all of the required elements, it is valid and enforceable in a court of law. Example. A homeowner (who is over the age of 18 and of sound mind) signed a contract with the appliance store to buy a refrigerator.

https://www.nolo.com/legal-encyclopedia/make-business-contract-agreement-30313.html

Follow these guidelines to make an enforceable, plain-English business agreement or contract. Get it in writing. Keep it simple. Deal with the right person. Identify each party correctly. Spell out all of the details. Specify payment obligations. Agree on circumstances that terminate the contract.

https://www.quora.com/What-is-valid-agreement

A valid agreement is a written or expressed agreement between two parties to provide a product or service.

https://www.upcounsel.com/what-are-the-different-types-of-contract

What are the Different Types of Contract? Contract Types Overview. Express and Implied Contracts. Unilateral and Bilateral Contracts. Unconscionable Contracts. Adhesion Contracts. Aleatory Contracts. Option Contracts. Fixed Price Contracts.

https://legal-dictionary.thefreedictionary.com/Quasi+Contract

An obligation that the law creates in the absence of an agreement between the parties. A quasi contract is a contract that exists by order of a court, not by agreement of the parties. Courts create quasi contracts to avoid the unjust enrichment of a party in a dispute over payment for a good or service.

https://study.com/academy/lesson/what-is-an-offer-in-contract-law.html

In contract law, an offer is a promise in exchange for performance by another party. An offer can be revoked or terminated under certain conditions. There are also times when an offer can be negotiated to create a counter-offer.

https://www.diffen.com/difference/Agreement_vs_Contract

An agreement is any understanding or arrangement reached between two or more parties. A contract is a specific type of agreement that, by its terms and elements, is legally binding and enforceable in a court of law.

https://legalbeagle.com/4926103-what-makes-document-legal.html

Generally, a document is legal if its creator intends for it to be enforceable in a court of law. In order for a document to be legal, it must also adhere to the laws of the jurisdiction where it will be enforced. The document should also be properly signed, witnessed and filed to be considered legal.

https://smallbusiness.chron.com/importance-contracts-business-906.html

In business, contracts are important because they outline expectations for both parties, protect both parties if those expectations aren't met and lock in the price that will be paid for services.

https://www.upcounsel.com/7-essential-elements-of-a-contract

The 7 essential elements of a contract are the offer, acceptance, meeting of the minds, consideration, capacity, legality, and sometimes a written document.