(A) Proper writing
(B) Competent parties
(C) Legal object
(D) Mutual assent
Answer: (A) The four essential elements of a simple contract are consideration, competent parties, a lawful object and mutual assent. The Statute of Frauds requires that only certain contracts must be in writing to be enforceable in court, not all.
My question to you is: Do you know the remaining information that is REQUIRED by the State when you sell your home? Comment in the REPLY section below.