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Contract

Contract worksheet

About

In common law legal systems, a contract is an agreement having a lawful object entered into voluntarily by two or more parties, each of whom intends to create one or more legal obligations between them. The elements of a contract are "offer" and "acceptance" by "competent persons" having legal capacity who exchange "consideration" to create "mutuality of obligation.[1]

References

  1. US Legal.com. "Elements of a Contract - Contracts" http://contracts.uslegal.com/elements-of-a-contract/ Accessdate: 5/31/2015

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