The Only Requirement for a Valid Contract Is That the Parties

question 54

True/False

The only requirement for a valid contract is that the parties voluntarily entered into it.

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Definitions:

Discharged

In legal terms, released or freed from an obligation, duty, or liability.

Incidental Beneficiary

A third party who may benefit from a contract between two other parties, albeit unintentionally and without the legal right to enforce the contract terms.

Enforce Agreement

The legal process of ensuring that the terms of a contract are carried out as agreed upon by the parties.

Restatement

Secondary legal sources that seek to clarify, explain, and illustrate the principles of a particular field of law to guide the courts in how the law should be applied.