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The Complete Idiot's Guide to Business Law by Cara C. Putman

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Chapter 11
Elements of a Contract
In This Chapter
• Defining a contract
• Offer requirements
• Terminating the offer
• Accepting the offer
The contract is the building block of transactions. The contract’s language sets the terms between two or more parties and determines how the relationship will be handled if a problem develops. This chapter will evaluate the key elements of a contract including what an offer must contain, terminating an offer, and accepting an offer.

A Contract Defined

Contracts in their simplest forms are agreements containing specific terms between two parties that will govern the relationship of those parties.
There is a promise by a party to do something in exchange for valuable consideration. Contracts can cover practically ...

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