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What is Understanding Consideration in Contracts about?
The document discusses the concept of consideration in contract law. Consideration refers to what each party provides to the other as part of an agreement. It must move from the promisee or third party, and can be an act, abstinence from an act, or a promise. The consideration must also be real and not past, physically impossible, uncertain, or legally invalid. Exceptions include gifts between close relations if in writing.
- Author
- wajeeha tahir
- Language
- EN