The basic elements of a valid contract are
The basic elements of a valid contract are
- A) offer, acceptance, consideration and witness
- B) offer, intention, acceptance and legality
- C) offer, acceptance, intention, capacity and legality
- D) a political aspect of the business
Correct Answer: C) offer, acceptance, intention, capacity and legality
Explanation
This question is asking about the basic elements that make a contract valid. A contract is an agreement between two or more parties that is legally binding. To make a contract valid, there are certain elements that need to be present.Option A states that the basic elements of a valid contract are offer, acceptance, consideration, and witness. While offer, acceptance, and consideration are indeed important elements of a contract, the presence of a witness is not necessary for a contract to be valid. So, Option A is not the correct answer.
Option B states that the basic elements of a valid contract are offer, intention, acceptance, and legality. This is partially correct. Offer, acceptance, and legality are important elements of a contract, but intention is not a necessary element. So, Option B is not the correct answer.
Option C states that the basic elements of a valid contract are offer, acceptance, intention, capacity, and legality. This is the correct answer. Offer, acceptance, intention, capacity, and legality are all essential elements of a valid contract. An offer is a proposal made by one party to another, acceptance is the agreement to the terms of the offer, intention is the intention of the parties to create legal relations, capacity refers to the legal ability of the parties to enter into a contract, and legality means that the contract must be legal and not against the law.
Option D states that a political aspect of the business is a basic element of a valid contract. This is not correct as a political aspect is not one of the essential elements of a valid contract.
Therefore, the correct answer to the question is Option C: offer, acceptance, intention, capacity, and legality.