Consideration

The financial agreed upon amount in a contract. This is one of the four required elements of a contract.

Contract

Contract

A contract is defined as any oral or written agreement between two or more parties that exchange rights and/or duties between the parties.  Every contract has four essential elements.  The first two create ‘mutual assent’ or what is commonly referred to in law as a ‘meeting of the minds’. 

What is a Contract?

Contract

Article 1 of the Uniform Commercial Code copyrighted by the American Law Institute is considered the primary source for the definition of a contract.  All of the 50 states have incorporated all or most of the definition of this code as statue.  A contract is defined as a legal obligation between two or more parties.  A contract has to have four elements for it to be binding on the parties. 

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