- 1 Marks
BCL – L1 – SA – Q7 – Contract Law
Question
What is the minimum requirement for the formation of a valid contract?
A A written agreement
B An offer and acceptance with consideration
C Presence of witnesses
D Approval from a government agency
Answer
B
Explanation:
A valid contract requires an offer, acceptance, and consideration (something of value exchanged). It does not require a written agreement (A), witnesses (C), or government approval (D). Option B is correct.
- Tags: Acceptance, Consideration, Offer, Valid Contract
- Level: Level 1
- Topic: Contract Law
- Uploader: Samuel Duah