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BCL Chapter 6 – Elements of a Contract and Valid Offer and Acceptance – 2026 – Study Guide and Review Material

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BCL Chapter 6 – Elements of a Contract and Valid Offer and Acceptance – 2026 – Study Guide and Review Material

Institution
BUSINESS AND CORPORATE LAW
Course
BUSINESS AND CORPORATE LAW

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BCL Chapter 6 – Elements of a Contract and Valid Offer and
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

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Institution
BUSINESS AND CORPORATE LAW
Course
BUSINESS AND CORPORATE LAW

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