Question

What are the elements of a binding contract? a) Agreement, consideration, contractual capacity, and assent b) Agreement, offer, acceptance, and consideration c) Agreement, consideration, contractual capacity, and a legal object d) Offer, acceptance, consideration, and assent e) Acceptance, consideration, assent, and a legal object

Answer 1

Answer:

Elements of the binding agreement include;

(c) Agreement, consideration, contractual capacity, and a legal object

Explanation:

The essential elements required for the transaction to be a lawfully enforceable agreement are common consent, communicated by a substantial offer and acknowledgment; sufficient thought; limit; and lawfulness.

Agreements emerge when an obligation appears, given a guarantee established by parties. To be legitimately official as an agreement, a warranty must be traded for sufficient thought. There are two distinct speculations or meanings of the idea: "Bargain Theory of Consideration" and "Benefit-Detriment hypothesis of view".