Contracts 17%

Question 1

Requirements for Validity of a Contract

Answer 1

1. Capable Parties - person must be at least 18 and of sound mind. Person with authority to enter contract on behalf of another. Fiduciary given the authority to contract. Emancipated minor.
2. Lawful Object - contract must be entered for a legal purpose, entered into freely without threats, blackmail, misrepresentation or fraud.
3. Consideration - Anything of value that’s bargained for and received.
4. Offer and Acceptance - Mutual consent or meeting of minds. An offer must contain the exact terms and conditions. Offer must be accepted without changes.