Contracts Flashcards by Debbie Hill

Q

What are the 4 elements for a contract to be valid?

A

Consideration
Agreement
Legal Objective
Legally Competent Parties

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Q

The first requirement for a valid contract is _________.

A

Consideration

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Q

________________ is a promise that someone makes to give up something of value.

A

Consideration

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Q

What are the 2 types of considerations?

A

Valuable Consideration

Good Consideration

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Q

What is Valuable Consideration?

A

Anything that has monetary value like money, service, merchandise, etc

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Q

What is Good Consideration?

A

Something of worth that does NOT have a monetary value such as love, affection or good will.

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