Asked by Ahleel Gardner on May 25, 2024
Verified
A_______ is any agreement (based on a promise or an exchange of promises) that can be enforced in court.
A) breach of contract
B) contractual capacity
C) contract
D) consideration
Contractual Capacity
The threshold mental capacity required by law for a party who enters into a contract to be bound by that contract.
Contract
A contract is a legally binding agreement between two or more parties, enforceable by law.
Consideration
The value (such as money, service, or goods) exchanged between parties in a contract which makes the agreement legally binding.
- Familiarize oneself with the primary elements essential for a valid agreement, such as offer, acceptance, and consideration.
- Identify what constitutes consideration within a contract.
Verified Answer
IB
Icepatta BunmapremMay 28, 2024
Final Answer :
C
Explanation :
A contract is defined as an agreement (based on a promise or an exchange of promises) that can be enforced in court, which is exactly what option C states.
Learning Objectives
- Familiarize oneself with the primary elements essential for a valid agreement, such as offer, acceptance, and consideration.
- Identify what constitutes consideration within a contract.