Check Your Understanding Answers
- List the six elements required of a valid contract.
Competent parties, consideration, mutual agreement, lawful objective, in writing and signed by the parties, contain a legal description
- Define consideration.
Consideration is the exchange of promisesoffered by one party to another to do or not do something.
- If deliberate deception, fraud, or false information is present, the agreement is what?
Not enforceable
- What are the two commonly used legal descriptions in a contract?
Metes and bounds
Reference to a platted subdivision (lot, block, section, and subdivision name)
