The Basic Elements of a Contract

question 574

Multiple Choice

The basic elements of a contract:

• A) vary from state to state
• B) vary from business to business
• C) are constant across states
• D) come from ancient Greek law
• E) are understood by few

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Definitions:

Documents

Documents are recorded information or objects which can be treated as units of information, such as letters, contracts, and records.

Property

Assets or possessions that belong to an individual or entity, which can include tangible items like land and buildings, or intangible rights and legal claims.

Transfer

The act of moving ownership, rights, or interests in property, assets, or legal claims from one party to another.

Personal Property

Property that is not attached to real estate and includes tangible items like cars, furniture, and personal belongings.