Practice Quiz

DSST Business Law II Exam Prep

Category - DSST Business Law II

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What are five essential elements a contract must have to be enforceable?
  1. Time of performance, legal purpose, quantity, liquidated damages, and quantity.
  2. Consideration, capable parties, location, time of performance, and quantity.
  3. Consideration, beginning date, end date, capable parties, and quantity.
  4. Subject matter, location, consideration, mutual assent, and quantity.
  5. Consideration, offer and acceptance, legal purpose, capable parties, and mutual asset.
Explanation
Answer: E. The five essential elements a contract must have to be enforceable include consideration, offer and acceptance, legal purpose, capable parties, and mutual asset. These requirements are necessary whether the contract is written or oral. Federal or local statutes may provide additional requirements for certain types of contracts.
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