Texas · Chapter 11 of 44
Elements of a Valid Contract
The five required elements: mutual assent (offer and acceptance), legally competent parties, lawful consideration, lawful purpose, and written form (Statute of Frauds).
25-minute read · Built for the TREC Sales Agent Exam
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Mutual Assent (Offer and Acceptance)
Mutual assent means both parties agreed to the same terms. The OFFER is a definite proposal. ACCEPTANCE must be unconditional (mirror image rule) - any change is a counter-offer. Both must be communicated. Offers terminate by: revocation, rejection, counter-offer, expiration of time, death/incapacity, or destruction of subject matter.
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