What is a contract? What are the five definite requirements that every contract must fulfill?
A contract can be defined as a legally enforceable agreement between two or more competent people.
A contract must fulfill the following definite requirements:
1. It must be based on a mutual agreement by the parties to do or not to do a specific thing.
2. It must be made by parties who are competent to enter into a contract that will be enforceable against both parties.
3. The promise or obligation of each party must be supported by consideration (such as the payment of money, the delivery of goods, or the promise to do or refrain from doing some lawful future act) given by each party to the contract.
4. It must be for a lawful purpose; that is, the purpose of the contract must not be illegal, such as the unauthorized buying and selling of narcotics.
5. In some cases, the contract must meet certain formal requirements, such as being in writing or under seal.
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Public/private organizations or partnerships are a common way for tourism promotion and development decisions to be made and funded
a. true b. false
Under an option agreement the optionee:
A. Is obligated to purchase the property at the fixed price. B. Must pay the optionor valuable consideration. C. Will take possession of the property. D. Must include a down payment.