Contracts Flashcards
1
Q
What are the 4 elements for a contract to be valid?
A
Consideration
Agreement
Legal Objective
Legally Competent Parties
2
Q
The first requirement for a valid contract is _________.
A
Consideration
3
Q
________________ is a promise that someone makes to give up something of value.
A
Consideration
4
Q
What are the 2 types of considerations?
A
Valuable Consideration
Good Consideration
5
Q
What is Valuable Consideration?
A
Anything that has monetary value like money, service, merchandise, etc
6
Q
What is Good Consideration?
A
Something of worth that does NOT have a monetary value such as love, affection or good will.
