9. Mark owns a bar. The bar has a back room where Mark has some slot machines. Mark lets some of his patrons play the machines, and Mark keeps any profits. This type of gambling is illegal where Mark lives. Mark wanted to purchase insurance in case his slot machines were confiscated by the police. Such an insurance contract would not be enforceable. Which requirement needed to form a valid insurance contract is missing? offer and acceptance competent parties consideration legal purpose
9. Mark owns a bar. The bar has a back room where Mark has some slot machines. Mark lets some of his patrons play the machines, and Mark keeps any profits. This type of gambling is illegal where Mark lives. Mark wanted to purchase insurance in case his slot machines were confiscated by the police. Such an insurance contract would not be enforceable. Which requirement needed to form a valid insurance contract is missing? offer and acceptance competent parties consideration legal purpose
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Transcribed Image Text:9. Mark owns a bar. The bar has a back room where Mark has some slot machines. Mark lets some
of his patrons play the machines, and Mark keeps any profits. This type of gambling is illegal
where Mark lives. Mark wanted to purchase insurance in case his slot machines were confiscated
by the police. Such an insurance contract would not be enforceable. Which requirement needed
to form a valid insurance contract is missing?
offer and acceptance
competent parties
consideration
legal purpose
201
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