Aceable Agent Level 6 Exam 2024 Questions With Complete Solutions!

What is a contract? - ANSWERSA contract is a legally enforceable and binding agreement between parties wherein a promise to do or not do something is given in exchange for valuable consideration. forbearance - ANSWERSa promise not to do something What makes a consideration valuable? - ANSWERSValuable consideration is a term used to describe consideration that is deemed sufficient or appropriate for that which is offered in exchange. Five elements of a valid contract - ANSWERSOffer and acceptance Consideration Legally competent parties Reality of consent Lawful objective Offer and Acceptance - ANSWERSOffer and acceptance is another way to describe the meeting of the minds that has to occur for a valid contract to come about. Also known as mutual assent, it's the fully agreed-upon exchange of promises by the parties Consideration - ANSWERSConsideration is something valuable that each party exchanges in order to demonstrate that they agree to the contract's terms. Consideration examples - ANSWERSmoney property promise services Valuable consideration vs. Good consideration - ANSWERSGood consideration (goodwill), such as love and affection, can be acceptable in lieu of valuable consideration in a valid contract is earnest money consideration - ANSWERSNO legally competent parties - ANSWERSFor a contract to be valid and legally enforceable, the parties involved in the contract must be legally competent. Legal competency implies two things: The individual has reached the age of majority (18 years of age in Georgia) or had their disabilities of minority removed by a court. The