Question

Which one of the following is NOT a condition of a contract?
A. An offer is made
B. Consideration is given
C. An acceptance of offer
D. Contract must be illegal

Answer 1

Answer:

b. an accepted for offer

Answer 2

Answer:

Explanation:

Contract:

A contract is an agreement between two or more private parties that creates legal duties for both parties. The fundamental components necessary for the agreement to be a valid offer and acceptance, adequate consideration, capacity, and legality are: mutual assent, expressed through a contract-compliant offer.

Conditions of a contract:

The Proposal: Do You Want to:

The offer is what a party promises to do or not do when they sign a contract; it is the "why" of the agreement. For instance, the seller will propose to sell the property to the buyer for a specific sum in a real estate contract. To ensure that everyone involved is aware of the expectations, the offer must be made in unambiguous terms.

Think about Who Is Paying What:

Consideration is the amount one party will "pay" for the contract to be fulfilled. When defining consideration in a contract, the term "payment" is ambiguous because what a party receives for signing the agreement isn't always monetary. Therefore, even if a real estate contract may specify that the property would be transferred for $1 million in consideration, a renter may be provided with housing in exchange for making improvements to the property while they are residing there.

Our intention is for this agreement to be enforceable in court:

This prerequisite for a contract concerns the goals of each side. Friends and relatives frequently make informal agreements, but they never intend for them to be legally enforceable, meaning that they do not want one person to be able to sue the other if the other does not follow through on their commitments. Due to the lack of a legal intent, this kind of agreement is not a genuine contract.

Competence: Parties Must Be Experienced:

The contract must be signed by and entered into by competent parties. This indicates that the signer is of legal age, has the mental capacity to understand the contract, and is not otherwise incapacitated at the time of signing—that is, not intoxicated or under the influence of drugs or alcohol.

Hence Contract must be illegal is not a condition of a contract.

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