BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which statement about contracts is true?
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Contracts must be written to be valid
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Anyone can enter into a valid a contract, no matter the age
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Contracts do not need to be accepted to be valid
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Contracts must be for a legal product or service
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Explanation:
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: -(h) An agreement enforceable by law is a contract; (i) An agreement which is enforceable by law at the option of one or more of the parties thereto, but not at the option of the other or others, is a voidable contract; (j) A contract which ceases to be enforceable by law becomes void when it ceases to be enforceable.
Detailed explanation-3: -Offer, acceptance, awareness, consideration, and capacity are the five elements of an enforceable contract.
There is 1 question to complete.