Introductory Business Law CLEP Prep Practice Exam 2026 - Free Practice Questions and Study Guide

Question: 1 / 400

Which of the following is considered a valid contract element?

Consideration

A valid contract must have three basic elements offer, acceptance, and consideration. Out of the given choices, only "Consideration" meets this criteria. While "Signatures" may be necessary to prove agreement, it is not a guaranteed element of every contract. "Sequence of Negotiation" may be an important factor in coming to a final agreement, but it is not a specific element of a contract. "Venue" refers to the location of a contract and is not a necessary component in determining its validity. Therefore, "Consideration" is the only choice that can be considered a valid contract element.

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Signatures

Sequence of Negotiation

Venue

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