| A | B |
|---|
| contract | a legally enforceable agreement between two or more parties to do or not to do something |
| implied contract | unwritten agreements which are legally enforceable |
| consideration | anything of value exchanged as part of a contract |
| competent parties | persons who are legally able to give sane and intelligent consent and are legally capable of entering into contracts |
| In order to be legally enforceable, contracts must contain what four elements? | agreement, consideration, contractual capacity, legality |
| What are five consumer responsibilities when entering into a contract? | fill in all blank spaces, write terms clearly, be sure all information is included, understand and read contact before signing, check for changes, keep a copy |
| A contract for sale of property must be | written |
| Elements of a legally binding contract | agreement, consideration, capacity, legality |
| contractual capacity | legal ability of the parties to enter a contract (competent parties) |
| Signing a contract means | you have read and understand the terms of a contract |
| age of majority | 18 |
