BA 260 WEEK 7 Consideration

BA 260 WEEK 7 Consideration

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The two key components that compose a legally binding contract are the agreement and consideration. The agreement involves a meeting of the minds where the parties to a contract agree upon the terms of the contract. For the contract to be valid, this agreement must include some form of consideration, meaning that the contracting parties must receive something of value from the contract such as money. In order to meet consideration's requirements, a contract must fulfill three elements. First, there must be a bargain regarding terms of an exchange. Second, there must be a mutual exchange. Third, the exchange must be something of value. In this situation, from first glance, all three elements are met therefore it
The two key components that compose a legally binding contract are the agreement and consideration. The agreement involves a meeting of the minds where the parties to a contract agree upon the terms of the contract. For the contract to be valid, this agreement must include some form of consideration, meaning that the contracting parties must receive something of value from the contract such as money. In order to meet consideration's requirements, a contract must fulfill three elements. First, there must be a bargain regarding terms of an exchange. Second, there must be a mutual exchange. Third, the exchange must be something of value. In this situation, from first glance, all three elements are met therefore it
The two key components that compose a legally binding contract are the agreement and consideration. The agreement involves a meeting of the minds where the parties to a contract agree upon the terms of the contract. For the contract to be valid, this agreement must include some form of consideration, meaning that the contracting parties must receive something of value from the contract such as money. In order to meet consideration's requirements, a contract must fulfill three elements. First, there must be a bargain regarding terms of an exchange. Second, there must be a mutual exchange. Third, the exchange must be something of value. In this situation, from first glance, all three elements are met therefore it