What are the required elements for a valid, enforceable contract? Mutual Assent

Question

What are the required elements for a valid, enforceable contract?

Mutual Assent

b. Real Assent

c. Consideration

Legality

All of the above

QUESTION 7

Which of following would be considered an example of a valid, legally enforceable contract?

a. Harry offers to buy Sally's jetski for $4000 and Sally accepts the offer and agrees to deliver the jetski on Wednesday

Nancy offers to buy her 15-year-old neighbor's car for $10,000

Tim washes his mother's car hoping that his mother will appreciate the work and pay him for it

John damages Pete's boat and offers to pay $1000 for the damage.

George offers to pay Lewis $1,000 for delivering illegal drugs and Lewis agrees to it

QUESTION 8

You order dinner at a restaurant but you say nothing about offering or agreeing to pay for it. You eat the food and start to leave. When the server asks you for payment, you say "I never offered to pay for this food and we don't have a legally binding contract. I don't have to pay."   

You are wrong because you have an implied contract that was created by the behavior of you and the server

You are right because you didn't make an express offer to pay for the food

You are wrong because you have a unilateral contract

You are wrong because you have an express contract

You are right because your contract is not in writing

QUESTION 9

The required elements of a valid, enforceable contract include

agreement, price, delivery date, and signature of the parties

promise, acceptance, legality of purpose, and court approval

unilateral agreement, bilateral consent, and legal capacity of the parties

mutual assent, real assent, consideration, and legality

offer, acceptance, promissory estoppel, and signature of at least one party

QUESTION 10

An offer terminates when it

expires, is revoked, is rejected, or when the offeror dies or the subject matter of the offer is destroyed

has not been accepted within 24 hours after being made

is published in an advertisement and placed online or in a newspaper

is accepted by at least three persons who wish to create a contract

An offer never terminates

Mutual Assent

b. Real Assent

c. Consideration

Legality

All of the above

Explanation / Answer

Ans 1 : e) All of the above

The required elements of a valid , enforceable contract includes all these elements such as mutual assent , real assent, consideration and legality.

However the contract can still become invalid , if one or more partner is involved in criminal offence , or is signed by somebody who lacks the capacity , or someone who unconsciously signs the contract in some misleading conduct.

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