Introductory Business Law CLEP Prep Practice Exam

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What is a factor to consider when determining if a contract is valid?

  1. Value of goods

  2. Existing cultural norms

  3. Legality of the agreement

  4. Number of parties involved

The correct answer is: Legality of the agreement

When determining if a contract is valid, the legality of the agreement is an important factor to consider. This means that the terms and conditions of the contract must not violate any laws or regulations. The value of goods, existing cultural norms, and number of parties involved may also play a role in the negotiation and formation of a contract, but they do not determine its validity.

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