Which List Describes the Elements of a Contract

question 27

Multiple Choice

Which list describes the elements of a contract?

• A) agreement, subject matter, legality, and contractual capacity
• B) agreement, consideration, trade, and contractual capacity
• C) agreement, accounting, legality, and subject matter
• D) agreement, consideration, legal subject matter, and contractual capacity
• E) agreement, precedent, legality, and contractual capacity

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Definitions:

Snowmobile

A motorized vehicle designed for travel over snow, usually on runners with a treaded rear allowing for propulsion across snow-covered terrains.

Floating Charge

A debt security issued by a corporation in which assets of the corporation, such as stock-in-trade, are pledged as security. Until such time as default occurs, the corporation is free to dispose of the assets.

Creditor

An entity or person to whom money is owed by a debtor.

Inventories

The total amount of goods and materials held by a company for the purpose of sale or production.