An agreement consists of reciprocal promises between at leastSelect one:a.4 Partiesb.3 Partiesc.6 Partiesd.2 Parties
Question
An agreement consists of reciprocal promises between at least
Select one:
- a. 4 Parties
- b. 3 Parties
- c. 6 Parties
- d. 2 Parties
Solution
Identification of Relevant Concepts
In the context of contract law, an agreement typically involves a mutual understanding between at least two parties who make reciprocal promises.
Analysis
- Definition of an Agreement: An agreement is formed when one party makes an offer and the other party accepts that offer.
- Reciprocal Promises: These are promises made by both parties involved. Each party must provide something of value in return for what they receive.
Conclusion
An agreement fundamentally requires at least two parties to establish reciprocal promises, as there must be an offer and an acceptance.
Final Answer
d. 2 Parties
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