List and briefly describe the seven key characteristics that must be present for a contract to be enforceable
Offer. All contracts begin when a person or a company proposes a deal.
Acceptance. Once a party receives an offer, he or she must respond to it in a certain way.
Consideration. There has to be bargaining that leads to an exchange between the parties.
Legality. The contract must be for a lawful purpose.
Capacity. The parties must be adults of sound mind.
Consent. Certain kinds of trickery and force can prevent the formation of a contract.
Writing. While verbal agreements are often contracts, some types of contracts must be in writing to be enforceable.
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