What is a contract? What are the five definite requirements that ...

[robinn137]

What is a contract? What are the five definite requirements that every contract must fulfill?

Question 2

Substantive unconscionability has to do with matters of freedom of assent.
  Indicate whether the statement is true or false

[kxciann]

Answer to Question 1

A contract can be defined as a legally enforceable agreement between two or more competent people.
A contract must fulfill the following definite requirements:

1. It must be based on a mutual agreement by the parties to do or not to do a specific thing.

2. It must be made by parties who are competent to enter into a contract that will be enforceable against both parties.

3. The promise or obligation of each party must be supported by consideration (such as the payment of money, the delivery of goods, or the promise to do or refrain from doing some lawful future act) given by each party to the contract.

4. It must be for a lawful purpose; that is, the purpose of the contract must not be illegal, such as the unauthorized buying and selling of narcotics.

5. In some cases, the contract must meet certain formal requirements, such as being in writing or under seal.



Answer to Question 2

FALSE

[robinn137]

Thanks for the timely response, appreciate it

[bbburns21]

YES! Correct, THANKS for helping me on my review