Define the legal principles of contract formation: offer, acceptance, and consideration.
Question
Define the legal principles of contract formation: offer, acceptance, and consideration.
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Solution 1
Sure, here are the definitions of the legal principles of contract formation:
- Offer: This is the first step in the contract formation process. An offer is a clear statement of the terms on which one party (the offeror) is willing to do business with another party (the offeree). The offer must be Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study prob
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Define the legal principles of contract formation: offer, acceptance, and consideration.
Consideration, an essential element in the formation of a valid contract, may be identified as:
Consent is manifested by the meeting of the offer and the acceptance upon the thing and the cause which are to constitute the contract.*1 pointTrueFalse
It is perfected by mere consent or upon the meeting of minds upon the object and consideration of the contract.*1 pointConsensualRealFormalSolemn
Which statement is correct*Proposal + acceptance = PromisePromise + Consideration = AgreementAgreement + Enforcability = ContractAll of the above
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