Chapter 17 17.1-17.2 1.<Tab/>Explain what makes an agreement a legally enforceable contract. An agreement is a legally enforceable contract when they impose both rights and responsibilities on each party. 2.<Tab/>List the five essential elements of a contract. The five essential elements of a contract are: offer and acceptance or a "meeting of the minds," consideration, capacity, genuine consent, and legal purpose. 3.<Tab/>…showed first 75 words of 1534 total…

…showed last 75 words of 1534 total…for their children's contracts? Parents are only responsible for their children's contracts if they co-sign the contract. 7.<Tab/>What two points must be established before impaired and developmentally challenged persons can avoid liability for signed contracts? The two points that must be established are that at the time of making the contract he or she was incapable of understanding what was happening, and that the other party knew of this condition.