Alabama Real Estate Practice Exam

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What is a mandatory element for a valid contract?

A seal of approval from a lawyer
Competent parties
Notarization of the document
Approval from local government

The correct answer is: Competent parties

A A seal of approval from a lawyer is not a mandatory element for a valid contract. While having a lawyer's approval can help ensure the contract is legally sound, it is not required for the contract to be considered valid. C: Notarization of the document is not a mandatory element for a valid contract. While notarization can help provide proof of the signatures on the contract, it is not a requirement for the contract to be considered valid. D: Approval from local government is not a mandatory element for a valid contract. Local government approval may be required for certain types of contracts, but it is not a universal requirement for a contract to be considered valid. The only mandatory element for a valid contract is competent parties, meaning the parties involved must have the legal capacity to enter into a contract. This means they must be of sound mind and body, and be