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What are the four requirements of a legally binding contract in insurance?

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What are the four requirements of a legally binding contract in insurance?

My doubt stems from Insurance

I got this question during an online exam.

Other related questions to my question are:-

What are the 4 requirements of a contract?

What are the four requirements of a legally binding contract quizlet?

What are the 4 major elements of insurance premium?

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The correct answer by me is: The basic elements required for the agreement to be a legally enforceable contract are: mutual assent, expressed by a valid offer and acceptance; adequate consideration; capacity; and legality.

The title of my answer can be Contract | Wex | US Law | LII / Legal Information Institute

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