Question

Which element of a valid contract is established by getting the signatures of all parties? unset starred question competent parties consideration lawful objective offer and acceptance

Answer 1

Offer and acceptance is established by getting the signatures of all parties.

A contract involves two or more parties who are competent to enter into a legally binding agreement. While a contract can be verbal or implied, it is usually in writing. If a contract is enforceable, a court can compel the parties to follow through on what they agreed to in the contract.

A legally enforceable contract is more than a casual promise between friends. The purpose of a business contract is to place legal requirements on the parties to follow through on the agreement. The legal system is available to mediate if a party breaches the terms of the contract.

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