If I agree to sell you my bike for $50 and we are both competent individuals we have a contract.

Question

Quizplus · Accepted Answer

A contract is formed when there is an offer, acceptance, and consideration. In this scenario, the offer is to sell the bike for $50, the acceptance is when the other party agrees to buy it for that price, and the consideration is the $50 that will be exchanged. Both parties being competent individuals means that they have the legal capacity to enter into a contract. Therefore, all elements of a contract are present in this scenario.

If I Agree to Sell You My Bike for $50