NCh4 Required Elements Of A Contract

Question 1

The first element of a contract (COLIC) is C for

Answer 1

Competent Parties - sane, sober, consenting adults

Question 2

The second element of a contract (COLIC) Is O for

Answer 2

Offer and Acceptance- (mutual agreement, mutual consent)

Question 3

The 3rd element of a contract (COLIC) is L for

Answer 3

Legal Purpose-

Question 4

The fourth element of a contract (COLIC) is I for

Answer 4

In writing

Question 5

The 5th element of a contract is C for

Answer 5

Consideration - (not earnest money) - something of value

Question 6

The lack of which element of a contract makes it valid but not enforceable?

Answer 6

4, In writing