Insurance, Wills, & Contracts

Question 0

Requirements for a contract to be legally binding-

Answer 0

• contract parties must be legally competent to enter into a contract
• the pursue of the agreement has to be a legal one. Contract for illegal activity isn’t legally binding.
• parties entering the contract must intend to enter the contact. It’s not legal to trick someone or force someone into a contract.
• both parties must consent to the terms of the agreements.

Question 1

Contracts-

Answer 1

Legal agreements between two or more parties, where each party has some obligation or responsibility to one another.

Question 2

Elements of a contract-

Answer 2

The offer- one party is offering something to another party

The acceptance- the acceptance of the offer by the 2nd party

Consideration- something of value offered by a party

Time requirements- most contracts will involve time specifications

Terms & conditions-

Question 3

What require written contracts?

Answer 3

insurance contracts, purchase agreements, or purchase of property.