What are the elements of a valid contract? Why is it important for an accountant or businessperson to know this?© BrainMass Inc. brainmass.com June 3, 2020, 10:09 pm ad1c9bdddf
Valid elements of a contract include
1. An offer
2. An acceptance
4. Promise to perform or pay
5. A legal purpose
6. Between competent people
7. Free will
Note that a contract does not have to written to be enforceable. State laws called the 'Statutes of Frauds' list the ...
The solution first lists seven elements of a valid contract. Then there are six reasons listed for why it is important for business people to be able to understand and apply the concepts.