BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Consideration
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Competent Parties
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Legality
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Agreement
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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: -2. Consideration-Something of value was promised in exchange for the specified action or nonaction. This can take the form of a significant expenditure of money or effort, a promise to perform some service, an agreement not to do something, or reliance on the promise.
Detailed explanation-3: -Price. Price is the money consideration for a sale of goods. Consideration in a contract of sale has to be in the form of money. Barter of exchange is used when the consideration is in the form of goods.
Detailed explanation-4: -A cause, in ordinary parlance, is what effects or brings about a result . In the case under consideration, the result is the obligation undertaken by a party to a contract .