Name and explain the four prerequisites of an enforceable contract.
Name and explain the four prerequisites of an enforceable contract.
Homework Answers
There are four basic requirements of an enforceable contract which are:
1. AGREEMENT
The factor of agreement needs to be included which has the required
offer and acceptance to which both the parties agree.
2. CONSIDERATION
Consideration factor needs to be present which includes the
exchange of monetary values, promises, and legally bargained
returns.
3. CONTRACTUAL CAPACITY
Both the parties need to be capable to adhere to the requirements
of the contract in full capacity and therefore need to consider
their own position.
4. VOLUNTARY CONSENT AND LEGALITY
Both the parties must consent to the terms of the contract
voluntarily and should always understand that the terms of the
contracts are legal and respect the public policies.
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