Mark owns a bar.The bar has a back room where Mark has some slot machines.Mark lets some of his patrons play the machines,and Mark keeps any profits.This type of gambling is illegal where Mark lives.Mark wanted to purchase insurance in case his slot machines were confiscated by the police.Such an insurance contract would not be enforceable.Which requirement needed to form a valid insurance contract is missing?

Question

Quizplus · Accepted Answer

The missing requirement is legal purpose. Since Mark's activity of allowing illegal gambling is against the law, any contract related to it would be considered void and unenforceable. Therefore, he cannot purchase insurance for this activity.

Mark Owns a Bar