Answer: A. capacity
<span>A
proposal made by Braxton, to his friend Mike, indicating willingness to enter a
contract to buy Mike's old car for $4000, fulfilled the 5th element
of the formalist theory of contract law which is “capacity”. </span>
Elements of Formalist
theory of contract Law
<span>The “Formalist Theory of Contract Law” is
composed of six elements. It includes the following:</span>
<span>1.
</span>Offer- this is the first element. An offer then
should be made.
<span>2.
</span>Acceptance- the second element where the offere has
to accept the offer.
<span>3.
</span>Genuine agreement- the third element which states
that, two parties have to agree on the contract’s terms.
<span>4.
</span>Consideration- the fourth element; something of value
is exchanged to both parties.
<span>5.
</span>Capacity- fifth element, legal ability to enter or
involve in a contract.
<span>6.
</span>Legality- sixth element, contract has to be legal.
<span> </span>
