The Essential Elements of a Contract

What is the first essential element of a contract?

• Consideration

• Acceptance

• Legality

• Offer

Which element involves the offeree can decide whether to accept or reject the proposal?

• Capacity

• Awareness

• Acceptance

• Offer

Consideration of a Contract includes the _____ that has been agreed upon, whether that be an action or an item.

• Mutual consent

• Public policy

• Legal capacity

• The Value

What is NOT considered acceptance for the purposes of a contract?

• Conditional Acceptance

• Option Agreement

• Inaction

• Acceptance by Action

What is required for a contract to be binding?

• A meeting of the minds

• A witness

• A financial component

• A written document

What is Mrs. Puente's favorite color?

• Blue

• Green

• Yellow

• Red

Who may not have the legal capacity to validate a contract?

• Corporations

• Adults

• Lawyers

• Minors

What is the final essential element of a contract?

• Legality

• Acceptance

• Offer

• Awareness

What happens if a contract involves criminal activity?

• It is valid

• It is not valid

• It is partially valid

• It is negotiable

Where was Mrs. Puente born?

• Queens, New York

• Los Angeles, CA

• Australia

• Ecuador