A Purchase Contract Must Have Certain Considerations to Be Legal

question 7

Multiple Choice

A purchase contract must have certain considerations to be legal.Which of the following is not one of these considerations?

• A) Agreement
• B) Signers must be over 21
• C) Consideration, or mutual obligation
• D) Competent parties
• E) Lawful purpose

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Definitions:

Trustor

An individual or entity that creates a trust by transferring assets to a trustee, who manages the assets for the benefit of a third party, the beneficiary.

Fiduciary

A person or organization that acts on behalf of another individual or individuals, managing assets for their benefit with a duty to act in their best interest.

Ultimate Recipient

The final beneficiary or entity that receives funds or benefits, often in the context of grants or financial transactions.

Demonstrative Legacy

A gift of a specific amount of money or property to be given to a designated beneficiary from a particular source or asset.