Acceptance – 2026 – Study Guide and Review Material
Contract - ANS✔✔ a legally enforceable agreement between two or more parties
Elements of a contract - ANS✔✔ offer and acceptance, genuine assent, legality, consideration,
capacity, writing
Offer and Acceptance - ANS✔✔ a contract element that requires the parties to agree to a
common offer
Genuine Assent - ANS✔✔ A contract element that requires an agreement to be free from major
mistakes, deception, or pressure to enter
Legality - ANS✔✔ A contract element that requires all parts of an agreement to be legal (i.e. no
contracts to purchase drugs or commit crimes)
Consideration - ANS✔✔ A contract element that requires something of value to be exchanged
Capacity - ANS✔✔ A contract element requiring all parties to a contract to be of legal age and in
a good frame of mind when they sign
Writing - ANS✔✔ A contract element that requires certain agreements to be written down in
order to be enforced
Elements of a valid offer - ANS✔✔ Contractual intent, offer communicated to the offeree,
essential terms are complete and definite