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A contract is formed when one party makes an offer and the other party accepts it, but some legal systems require an exchange of something of value, known as consideration. In common law systems, consideration is fundamental and refers to a promise or act exchanged between the parties that serves as the basis of the agreement. A unilateral promise, such as a promise to make a gift without receiving anything in return, typically does not constitute a legally binding contract due to the absence of considerati

Author

ernestonunessilverio

Language

EN