List and briefly describe the seven key characteristics that must ...

[Garrulous]

List and briefly describe the seven key characteristics that must be present for a contract to be enforceable.

Question 2

The concept of local participation refers to:
 A) a portion of the employees of the business in the host country will be nationals of the home country.
 B) employees of the business contribute a certain number of hours to community service.
 C) a portion of the business must be owned by nationals of the host country.
 D) the host country retains mineral rights.

[epscape]

Answer to Question 1

Offer. All contracts begin when a person or a company proposes a deal.
Acceptance. Once a party receives an offer, he or she must respond to it in a certain way.
Consideration. There has to be bargaining that leads to an exchange between the parties.
Legality. The contract must be for a lawful purpose.
Capacity. The parties must be adults of sound mind.
Consent. Certain kinds of trickery and force can prevent the formation of a contract.
Writing. While verbal agreements are often contracts, some types of contracts must be in writing to be enforceable.

Answer to Question 2

C

[Garrulous]

YES! Correct, THANKS for helping me on my review

[Animal_Goddess]

Thanks for the timely response, appreciate it