Identification should include the following components of a legal contract:
- COLIC:
- Competent parties
- Offer and acceptance (meeting of the minds)
- Legal purpose
- In writing and signed (statute of fraud)
- Consideration (valuable or good)
- Date
DPOR correlation: 18VAC135-20-400. 4 (Contracts)
Process/Skill Questions:
- What is meant by a valid contract?
- What is meant by essential elements when referring to a valid contract?
- What are the essential elements of a legal contract?
- Who are legally competent parties?
- What is mutual agreement?
- What is legal purpose?
- What is the statute of frauds and its purpose?
- What are the types of consideration?