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Questions and Answers
Which of the following is NOT a factor for a valid contract?
Which of the following is NOT a factor for a valid contract?
- Formality (correct)
- Legal capacity
- Mutual agreement
- Consideration
What type of contracts must be in writing to be considered valid?
What type of contracts must be in writing to be considered valid?
- Oral contracts
- Certain verbal agreements
- Employment contracts
- Leases longer than three years (correct)
Who lacks the legal capacity to form a contract based on the text provided?
Who lacks the legal capacity to form a contract based on the text provided?
- Married individuals (correct)
- Intoxicated persons
- Minors
- Parents of minors
What is the principle that states only parties to a contract are bound by it?
What is the principle that states only parties to a contract are bound by it?
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Which of the following types of contracts must involve a written record according to the text?
Which of the following types of contracts must involve a written record according to the text?
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Why is it beneficial to have a written record of a contract according to the text?
Why is it beneficial to have a written record of a contract according to the text?
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