Georgia Assessments for the Certification of Educators GACE Practice Test

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Which of the following constitutes a binding contract?

An agreement signed and dated by both parties
An agreement signed and dated by both parties and a witness
An agreement signed by both parties and witnessed by a third party
An agreement signed and dated by one party and one witness

The correct answer is: An agreement signed and dated by both parties

A binding contract is fundamentally established through mutual agreement and the consent of the parties involved, which is typically evidenced by signatures. An agreement that is signed and dated by both parties indicates that both parties have accepted the terms outlined within the document, creating a legal obligation to adhere to those terms. While involving witnesses can add additional credibility and can be a requirement for certain types of contracts (like wills or certain real estate transactions), it is not a standard necessity for a contract to be considered binding in general. The core requirement is the mutual consent of both parties, which is evidenced in option A. Therefore, the signing and dating by both parties alone sufficiently constitutes a binding agreement.