List three elements of a valid contract - Leaving Cert Business - Question 2 - 2008
Question 2
List three elements of a valid contract.
(i)
(ii)
(iii)
Worked Solution & Example Answer:List three elements of a valid contract - Leaving Cert Business - Question 2 - 2008
Step 1
Agreement/Offer/Acceptance
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Answer
A valid contract must include an offer made by one party and acceptance of that offer by the other party. This mutual agreement signifies that both parties are willing to enter into the contract.
Step 2
Consideration
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Consideration refers to something of value that is exchanged between the parties involved in the contract. This could be money, services, or goods, and it is essential for a contract to be enforceable.
Step 3
Intention to contract
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Both parties must intend to create a legally binding agreement. This means they understand and agree to their responsibilities and liabilities under the contract.
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