Florida Insurance Claims Adjuster License Practice Exam

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What is a requirement for a contract?

Presence of a legal advisor
Consideration for at least one party
Written document
Notarization

The correct answer is: Consideration for at least one party

A requirement for a contract is for there to be consideration for at least one party. Consideration refers to each party involved receiving something of value or benefit as part of the agreement. This helps to validate the mutual intention of both parties to enter into a legally binding contract. While having a legal advisor is recommended, it is not a necessary requirement for a contract. A written document can also be helpful in ensuring the terms and conditions are clearly stated, but it is not a requirement for a contract to be valid. Notarization is simply a method for providing proof of authenticity and is not necessary for all contracts. Therefore, the presence of consideration for at least one party is the most important requirement for a contract.