a valid contract has four elements: mutuality, consideration, legal object, and competent parties
Which of the following is required for a binding legal agreement?
Mutual consent, demonstrated by a valid offer and acceptance, sufficient consideration, capability, and legality are the fundamental components needed for the agreement to be a legally enforceable contract.
In a contract, what exactly is competency?
In general, a person in the US has the capacity or competence to decide whether to engage into a contract if they are able to comprehend and value, to the extent applicable, all of the following: (a) The rights, obligations, and liabilities that the ruling affects or creates.
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