BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Legality
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Consideration
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Writing
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Genuine Assent
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Detailed explanation-1: -Consideration is the value that induces the parties to enter into the contract.
Detailed explanation-2: - Contract: An agreement between two or more parties to perform or to refrain from some act now or in the future. A legally enforceable agreement.
Detailed explanation-3: -Legally binding contracts are agreements made between two or more parties that are enforceable by law and are valid according to federal and state contract laws. Because a contract is legally binding, all parties must follow the terms and do what the contract says they should.
Detailed explanation-4: -The legal rules of consideration state that consideration has to be certain, definitive, and competent. It cannot be vague, uncertain, or impossible. The transaction is rendered void in such a case.