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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
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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

  1. Definition of an Agreement: An agreement is formed when one party makes an offer and the other party accepts that offer.
  2. 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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