Contracts
Which of the following is NOT a required element of a valid contract?
AOffer and acceptance
BConsideration
CWritten form✓ Correct
DLegally competent parties
Explanation
A valid contract requires offer and acceptance, consideration, legally competent parties, and lawful object. Not all contracts must be in writing to be valid, though real estate contracts generally must be written under the Statute of Frauds.
Related Arkansas Contracts Questions
- An Arkansas real estate purchase contract must be in writing because of:
- A buyer includes a financing contingency in their offer. If the buyer is unable to obtain a loan, the contingency allows the buyer to:
- An assignment of a real estate contract means:
- Under Arkansas's Statute of Frauds, real estate purchase contracts must be:
- A 'kick-out clause' in a real estate contract allows the seller to:
- A seller accepts an offer and then receives a higher offer before closing. The seller may:
- Which of the following is NOT an essential element of a valid real estate contract?
- Under the parol evidence rule, prior oral agreements:
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