Which of the Following Is an Element Necessary to Establish

question 14

Multiple Choice

Which of the following is an element necessary to establish the existence of a contract?

• A) a written document signed by both parties and reviewed by lawyers
• B) a written document signed by both parties and whether reviewed by lawyers or not
• C) face to face negotiations over contract terms
• D) a clear offer and acceptance of the offer

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Definitions:

Liable

Subject to legal responsibility for one's actions or omissions, potentially leading to civil or criminal penalties.

Good Faith

Acting with honesty and sincerity without any intention to defraud or seek undue advantage.

Without Recourse

A term indicating that the seller or transferor of a financial instrument is not liable to the buyer or transferee in case of default.

Discharged

Refers to the completion or termination of a legal obligation or debt.