New Jersey Real Estate License Exam Practice Question
Which of the following elements is NOT necessary in a valid lease?
Correct Answer: D
Rationale: In a valid lease, consideration (A) is essential as it represents the exchange of value between parties. Capacity to contract (B) ensures that both parties are legally able to enter into an agreement, protecting their rights. Offer and acceptance (C) establishes mutual consent, a fundamental principle in contract law. Conversely, a Statute of Frauds disclaimer (D) is not a necessary element for a lease to be valid; rather, it refers to the requirement that certain contracts be in writing to be enforceable. Therefore, while important in some contexts, it is not a fundamental component of a valid lease.
Unlock All Questions
Subscribe to Premium for full access to all practice questions, detailed rationales, and performance tracking.
Subscribe Now