For an exchange of promises to be legally binding, parties must make sure the exchange:
A) meets the requirements of a contract
B) is witnessed by a third party
C) is in writing
D) is unique
E) takes place before a court official

Question

Quizplus · Accepted Answer

Meeting the requirements of a contract is essential for an exchange of promises to be legally binding. This includes elements such as offer, acceptance, consideration, capacity, and legality. Witnessing by a third party or in writing may be helpful to provide evidence, but they are not absolute requirements for a contract to be enforceable. Being unique or taking place before a court official are not relevant criteria for the validity of a contract.

For an Exchange of Promises to Be Legally Binding, Parties