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Which of the following is not required for a contract to be legally binding? a) the...

Which of the following is not required for a contract to be legally binding?

a) the contract must be voluntary

b)signing of the contract must be notarized by a notary public or a lawyer

c) the terms of the contract must be legal

d) the contract offer must have acceptance

e) some form of payment must be involved

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Answer #1

Solution:

Answer: b) signing of the contract must be notarized by a notary public or a lawyer.

Explanation:

A contract is said to be a legally binding contract when

i) There should be one party to make the offer and other party to accept the offer.

ii) The offer made and offer accepted should be completely voluntary and without any pressure from any of the patties.

iii) There must be an exchange of money , goods or services among them otherwise it will be considered as a gift or bribe.

iv) The terms and conditions of the contract must be legal.

Note: A notarized contract generally doesn't make it a legal contract. A notarized contract just validates the signature of the persons involved in the contract. If there are legal contents in the contract, then it is already a legally binding contract and there is generally no need for a contract to be signed be notary public or lawyer to make it legally binding.

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