For an exchange of promises to be legally binding, parties must make sure the exchange:
A) takes place in a court
B) is witnessed by a third party
C) is in writing
D) is unique
E) none of the other choices are correct

Question

Quizplus · Accepted Answer

None of the other choices are correct. While some agreements may need to be in writing or witnessed, the general rule for a legally binding agreement is that there must be an exchange of promises between the parties involved. This can be done verbally or in writing, and does not necessarily need to take place in a court or be witnessed by a third party. The most important factor is that both parties intend to be bound by the promises made.

For an Exchange of Promises to Be Legally Binding, Parties