Virginia State Real Estate Exam Practice Question
A licensee prepares an offer with a purchaser for presentation to a seller. Which of the following is NOT an essential element for a valid sales contract?
Correct Answer: D
Rationale: A valid sales contract requires essential elements such as consideration (A), which refers to something of value exchanged between parties, ensuring mutual benefit. Competent parties (B) means all parties must have the legal capacity to enter the contract, while legality of object (C) ensures the contract's purpose is lawful. An acknowledgment (D), although important in some contexts, is not a fundamental element for contract validity. Therefore, while acknowledgments may enhance clarity or formality, they are not required for the contract to be legally binding.
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