Which of the Following Elements Are Required for a Contract

question 61

Multiple Choice

Which of the following elements are required for a contract to be legally binding and enforceable?

• A) offer
• B) acceptance
• C) consideration
• D) all of the above

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Definitions:

Preponderance Of Evidence

A standard of proof in civil cases, requiring that a claim be more likely true than not true.

De Jure Corporation

Latin for “lawful corporation” a corporation that has met the mandatory statutory provisions and thus received its certificate of incorporation.

De Facto Corporation

A company that acts like a corporation and enjoys some of its benefits, despite not being duly incorporated according to statutory requirements.

Corporation By Estoppel

A defective corporation that has conducted business with a third party and therefore cannot deny its status as a corporation to escape liability.