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JAMB Commerce 2000 Question 36

Question 36

Law of Contract

The basic elements of a valid contract are

  1. A.offer, acceptance, consideration and witness
  2. B.offer, intention, acceptance and legality
  3. C.offer, acceptance, intention, capacity and legality
  4. D.offer, acceptance, capacity, legality and consideration.
Show the answer and explanation

Answer: D (offer, acceptance, capacity, legality and consideration.)

Explanation

A valid contract needs offer, acceptance, consideration, capacity of the parties and a legal purpose.