A contract is:
A) any agreement between two adult parties of sound mind.
B) a promise that the law will enforce.
C) a written, but not an oral, agreement between parties with legal contractual capacity.
D) a promise, with or without consideration, on which a party relies and the only way to avoid injustice is to enforce the promise.

Question

Quizplus · Accepted Answer

A contract is a promise or set of promises that the law will enforce. In order to be considered a contract, there must be an offer, acceptance, consideration, and a mutual intent to be bound. Contracts can be written or oral (although some types of contracts must be in writing to be enforceable), and parties entering into a contract must have legal capacity to do so. Therefore, option B is the best choice as it describes a crucial characteristic of a contract that distinguishes it from other types of agreements.

A Contract Is