There Are Four Elements That Are Necessary for a Contract

question 5

Essay

There are four elements that are necessary for a contract to exist. Identify and describe each of those elements.

---

Definitions:

Pay

To settle a debt by transferring money or goods to another party as an exchange for services, products, or obligations.

Rent Due

The amount of money that is owed by a tenant to a landlord for the use of a property according to the terms of the lease agreement.

Vested Remainder

A future interest in property that is secured to a particular person and will become possessory upon the expiration of a prior estate without any conditions attached.

Reversionary Interest

A future interest in property that returns to the original owner or the owner's heirs after the expiration of a temporary estate.