Florida Insurance Licensing Practice Exam

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Jack and Connie agree to have Jack burn down Connie's house for $10,000. What element of a valid contract is missing?

  1. Legal Purpose

  2. Offer and acceptance

  3. Consideration

  4. Competent Parties

The correct answer is: Legal Purpose

The missing element of a valid contract in this scenario is Legal Purpose. While Jack and Connie have agreed on the terms of the contract, their agreement to commit a crime (arson) is illegal and therefore cannot be considered a valid contract. Offer and acceptance, consideration, and competent parties are all present, but the contract is still invalid due to the lack of a legal purpose.

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