ACCA Corporate and Business Law (F4) Certification Practice Exam 2025 - Free Practice Questions and Study Guide

Question: 1 / 720

Under UK law, which of the following elements is essential for a valid contract?

Offer and acceptance

Consideration

Intention to create legal relations

All of the above

For a contract to be valid under UK law, it is essential for all the components to be satisfied, which includes an offer and acceptance, consideration, and the intention to create legal relations.

An offer is a clear statement of terms that one party is willing to enter into a contract, while acceptance is the agreement by the other party to those terms. Consideration refers to something of value exchanged between the parties, indicating that they both intend to give and receive something as part of the contract. Lastly, the intention to create legal relations indicates that both parties intend for the agreement to be legally binding.

Thus, the presence of all these elements establishes a solid foundation for a valid contractual relationship, making the selection of all of the components essential in ensuring the enforceability of the contract under UK law.

Get further explanation with Examzify DeepDiveBeta
Next Question

Report this question

Download ACCA Corporate and Business Law (F4) Certification Practice Exam PDF Study Guide
Subscribe

Get the latest from Examzify

You can unsubscribe at any time. Read our privacy policy