BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Written
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Oral
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Implied from the conduct of the parties
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All of these
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Detailed explanation-1: -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.
Detailed explanation-2: -All essentials of a Valid contract: A contract of sale is a special type of contract, therefore, to be valid, it must have all the essential elements of a valid contract, viz., free consent, consideration, competency of contracting parties, lawful object, legal formalities to be completed, etc.
Detailed explanation-3: -An enforceable contract must always be valid. A valid contract may, however, be unenforceable. That is, even though all of the essential elements of a contract are present, a court will not enforce the contract.
Detailed explanation-4: -The requirements of a contract are consideration, offer and acceptance, legal purpose, capable parties, and mutual assent. When any of the required elements is lacking, vitiated, or irregular, the contract may become void, voidable, or unenforceable.