BUSINESS ADMINISTRATION
BUSINESS LAW
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
agreement
|
|
|
contractual capacity
|
|
|
The object of a contract may be unlawful
|
|
|
bargained-for consideration
|
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: -The answer is earnest money. The essential elements of a valid contract are offer and acceptance, consideration, legally competent parties, mutual agreement, and legal purpose. Earnest money is not required for a valid contract.
Detailed explanation-3: -Answer: Illegal consideration is not an essential elements of a valid contract.
Detailed explanation-4: -Similarly, all services which are not contrary to law, morals, good customs, public order, or public policy may be the object of a contract. This is why public bridges, rivers, illegal drugs, and sexual services may not be the object of a valid contract.