BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Acceptance
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Consideration
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Offers
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Legal Purpose
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Detailed explanation-1: -A contract must have a legal purpose.-that is, it must not be for the performance of an activity prohibited by law. If it does not, enforcing the contract would be contrary to public policy.
Detailed explanation-2: -The basic elements required for the agreement to be a legally enforceable contract are: mutual assent, expressed by a valid offer and acceptance; adequate consideration; capacity; and legality. In some states, elements of consideration can be satisfied by a valid substitute.
Detailed explanation-3: -In contract law, legal purpose is the requirement that the object of, or reason for, the contract must be legal. There must be a legal reason and purpose for the contract to be implemented; for example, the policyowner must have an insurable interest in the insured.