Which of the Following Requirements of a Valid Contract Ensures

question 6

Multiple Choice

Which of the following requirements of a valid contract ensures that those who enter into agreements understand the nature and effect of their agreements?

• A) Consideration
• B) Capacity to enter into a contract
• C) Legality
• D) Mutual assent

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Definitions:

Common Law

A legal system based on court precedents and customs rather than written laws.

UCC

The Uniform Commercial Code, a comprehensive set of laws governing commercial transactions in the United States, intended to standardize and harmonize laws across states.

Trees

Perennial plants with elongated stems, or trunks, supporting branches and leaves.

Choice-Of-Law

A contractual clause that specifies which jurisdiction's laws will govern in the interpretation and dispute resolution of a contract.