New Jersey 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; competent parties (B), ensuring all parties have the legal capacity to contract; and legality of object (C), meaning the contract's purpose must be lawful. An acknowledgment (D), while beneficial, is not a fundamental requirement for a contract's validity. It does not affect the enforceability of the agreement itself, making it the correct choice as the element that is not essential for a valid sales contract.
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