Contracts
The four essential elements of a valid contract are:
AOffer, acceptance, consideration, and lawful object✓ Correct
BOffer, acceptance, witnesses, and recording
CMutual assent, consideration, witnesses, and notarization
DOffer, capacity, writing, and notarization
Explanation
The four essential elements of a valid contract are: (1) offer and acceptance (mutual assent), (2) consideration, (3) legally competent parties, and (4) lawful object (legal purpose).
Related New York Contracts Questions
- In New York, a seller who receives two simultaneous offers on their property may:
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- Which of the following would NOT make a contract void ab initio (void from the beginning)?
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- Under New York law, a real estate contract signed by a person who has been adjudicated legally incompetent is:
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- Which of the following would make a real estate contract voidable?
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