QUESTION OF THE DAY:

Which of the following is not an example of an essential element of a simple contract:

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(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.