Which of the Following Elements Are Required for a Contract

question 62

Multiple Choice

Which of the following elements are required for a contract to be legally binding and enforceable?

• A) offer
• B) acceptance
• C) consideration
• D) all of these

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Definitions:

Limited Liability

A legal structure that limits the amount of money that the owners or shareholders of a business can lose to the amount they invested in the company.

Classified by Ownership

Classified by ownership refers to distinguishing entities based on their ownership structure, such as public, private, or governmental.

Publicly Held

A designation for a company whose shares are traded publicly on stock exchanges and can be bought by investors.

Privately Held

Describes a business that is owned by private investors, employees, or company founders and not traded publicly on stock exchanges.