Contract Law Fundamentals – Unit Review Exam | Offer,
Acceptance & Consideration|Latest Update Complete
Verified Questions with A+ Graded Answers
What Is a Contract?
A legally enforceable agreement between two or more parties
The 4 Essential Elements
Offer, Acceptance, Consideration, Mutual Intent
Offer
A clear and definite promise
Acceptance
Agreement to the exact terms of the offer
Consideration
Each side gives something of value
Mutual Intent to Be Bound
Both parties intend a legal agreement
Illegal Purpose
Contracts involving illegal acts are void
Capacity
Parties must be legally able to contract
Genuine Consent
Contracts must be voluntary
Fraud
Lying or misrepresenting important facts
Duress
Threats or force used to obtain agreement
1|Page
Acceptance & Consideration|Latest Update Complete
Verified Questions with A+ Graded Answers
What Is a Contract?
A legally enforceable agreement between two or more parties
The 4 Essential Elements
Offer, Acceptance, Consideration, Mutual Intent
Offer
A clear and definite promise
Acceptance
Agreement to the exact terms of the offer
Consideration
Each side gives something of value
Mutual Intent to Be Bound
Both parties intend a legal agreement
Illegal Purpose
Contracts involving illegal acts are void
Capacity
Parties must be legally able to contract
Genuine Consent
Contracts must be voluntary
Fraud
Lying or misrepresenting important facts
Duress
Threats or force used to obtain agreement
1|Page
