A Valid Contract Is One That Meets All of the Requirements

question 26

True/False

A valid contract is one that meets all of the requirements of a binding contract.

---

Definitions:

Action

In legal terms, it refers to a lawsuit taken to court to enforce a particular right.

Distrain

The act of seizing someone's property in order to obtain payment of money owed, especially rent.

Covenant

A formal agreement or promise between two or more parties to do or not do something specified.

Statute of Frauds

A legal principle that requires certain types of contracts to be in writing and signed by the parties involved in order to be enforceable.