Which of the Following Is a Necessary Condition for a Contract

question 36

Multiple Choice

Which of the following is a necessary condition for a contract to be considered valid?

• A) It cannot be enforced by just one of the parties involved.
• B) It is enforceable by at least one of the parties.
• C) It can be voided by one of the parties.
• D) It can be voided by both parties.

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Definitions:

Back-end Ratio

A debt-to-income ratio that calculates the percentage of a person's gross income going toward paying all debt obligations, including mortgage and auto loans.

Expenses

Costs incurred or money spent on goods and services.

Escrow Account

An escrow account is a financial arrangement where funds or assets are held by a third party on behalf of two other parties in the process of completing a transaction.

Semi-annual

Refers to events or processes that occur or are carried out twice a year.