What are five essential elements of a legally binding contract?
A.
Offer, acceptance, compensation, ability, correct form
B.
Offer, agreement, consensus, capacity, correct form
C.
Offer, acceptance, consideration, capacity, correct form
D.
Offer, acceptance, mediation, capacity, contract
The Answer Is:
C
This question includes an explanation.
Explanation:
The five essential elements of a valid contract are: offer, acceptance, consideration (something of value exchanged), capacity (legal ability to contract), and correct form (in writing if required). These ensure that contracts are legally enforceable and binding.
[Reference:CIPS L4M3 Commercial Contracting Study Guide, Chapter 1, Section 1.1.1 – Essential elements of a valid contract., , , ]
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