Ontario Mortgage Agent Practice Exam 2025 - Free Mortgage Agent Practice Questions and Study Guide

To form a valid contract, there must be two main elements of an agreement: an offer and an acceptance. Additionally, there must be consideration exchanged between the parties and an intention to create a legally binding relationship. Keep in mind the acronym "C.O.N.S.I.D.E.R" (Consideration, Offer, Notice, Serious, Intention, Definite, Exchange, and Record) to remember all the elements of a valid contract.

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