Is Not An Element Of A Valid Contract
Question: A Contract
Answer: is a legal agreement between two competent parties that promises a certain performance in exchange for a certain consideration
Question: Characteristics are
Answer: competent parties; legal purpose ; offer and acceptance ( agreement ) ; and Consideration
Question: Competent Parties
Answer: A Contract is not valid unless it is made between two parties who are considered competent under the law. In most cases, a person who is a minor, insane, or under the influence of alcohol or drugs is considered incompetent.
Question: Legal Purpose
Answer: The second requirement for a valid contract is that it be formed for a legal purpose .A contract that is against public police ( offensive to the best interests of the public ) or in violation of the law is not enforceable.
Question: Offer and Acceptance
Answer: The third element of a valid contract, OFFER AND ACCEPTANCE ,means that the contract involves two parties ; one who makes an offer and one who accepts it.