NALA Certified Paralegal Practice Exam

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The requirements for a valid contract are:

  1. Capacity, fraud, unconscionability, and legality

  2. Acceptance, unconscionability, capacity, and legality

  3. Agreement, consideration, impossibility, and fraud

  4. Agreement, consideration, capacity, and legality

The correct answer is: Agreement, consideration, capacity, and legality

A valid contract requires all of the following - Agreement: Both parties must come to a mutual understanding of the terms and conditions of the contract. - Consideration: Each party must give something of value in exchange for the other party's promise. - Capacity: Both parties must have the legal ability to enter into a contract. - Legality: The contract must be for a lawful purpose and not against public policy. Option A is incorrect because it includes fraud and unconscionability, which are not necessary for a contract to be valid. Fraud and unconscionability may be grounds for voiding a contract, but they do not affect the validity of the contract itself. Option B is incorrect because it includes unconscionability as a requirement, which is not necessary for a valid contract. Option C is incorrect because it does not include capacity as a requirement and includes impossibility, which is

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