Which of the following is not a requirement for forming a valid - ProProfs Discuss
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Which of the following is not a requirement for forming a valid contract?



A. Consideration
B. Offer and acceptance
C. Competent parties
D. Signatures of the parties involved

This question is part of Chapter 2 - The Insurance Contract
Asked by Fsspc, Last updated: Feb 19, 2020

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fsspc

Fsspc

Answered May 29, 2018

Signatures of the parties involved

D is correct. The four requirements for forming a valid contract are competent parties, a legal purpose, offer and acceptance, and consideration. Oral contracts are valid. Contracts do not have to be written or include signatures (although it is a good idea to do so).
 

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