Which of these are required elements of a binding contract?

Question

BlackTom AI · Accepted Answer

The question asks which elements are required for a binding contract, and asks us to evaluate each answer option.
Option 1: '1. Offer 2. Lawyer 3. Consideration 4. Capacity 5. Legality' includes 'Lawyer' as a required element. That is incorrect because a lawyer is not a core element required for a contract to be binding; the essential components are offer, acceptance, consideration, capacity, and legality. The presence of 'Lawyer' makes this option inaccurate.
Option 2: '1. Offer 2. Acceptance 3. Consideration 4. Capacity 5. Legality' lists all five widely recognized elements of a binding contract: an offer, an acceptance of that offer, consideration (something of value exchanged), capacity (parties capable of entering into a contract), and legality (the contract’s purpose must be lawful). This aligns with standard contract law principles, making this option correct in terms of content.
Option 3: '1. Offer 2. Acceptance 3. Consideration 4. Paper 5. Legality' substitutes 'Paper' for the requirement of 'Capacity' or other elements. While 'paper' might refer to documentation, it is not an essential element for binding contracts; the contract can be binding even without formal paper in many cases. This makes the option inaccurate.
Option 4: '1. Pen 2. Acceptance 3. Consideration 4. Capacity 5. Legality' introduces 'Pen' as an element, which is irrelevant to contract formation. Since 'Pen' has no role in forming a binding contract, this option is clearly incorrect.
In summary, only the listing that includes Offer, Acceptance, Consideration, Capacity, and Legality without introducing extraneous or incorrect items correctly captures the required elements for a binding contract. The other options fail due to including irrelevant items (Lawyer, Paper in the wrong sense, Pen) or omitting necessary elements by substituting them with nonessential terms.

KSB-111-003.2025F Exam #2 - KSB 111 (Liederman)

Which of these are required elements of a binding contract?

View Explanation

Log in for full answers

Similar Questions

The four essential elements of a contract DO NOT include (pick one):

What are the essential elements of a contract?

In a consumer society, many adults channel creativity into buying things

Economic stress and unpredictable times have resulted in a booming industry for self-help products

People born without creativity never can develop it

A product has a selling price of $20, a contribution margin ratio of 40% and fixed cost of $120,000. To make a profit of $30,000. The number of units that must be sold is: Type the number without $ and a comma. Eg: 20000

Which of the following statement regarding cost is correct:

Under the assumptions used in cost-volume-profit analysis, as the activity increases:

More Practical Tools for Students Powered by AI Study Helper

Homework AI Solver

Stylized AI Paper Writer

Plagiarism Checker Assistant

Citation AI Academic Writing Tool

In-Class Translation Assistant

AI Note Generator

AI Quiz Answers

Past Exam Questions from University Test Bank

Smart Practice Assistant

Adaptive Practice

Making Your Study Simpler