Examlex
What is a formal contract? How does a formal contract differ from an informal contract?
Detriment
A state of being harmed or damaged, often used in legal contexts to describe loss or injury.
Adequacy of Consideration
Refers to a legal assessment of whether the consideration (value) given in exchange for a promise or for performance in a contract is fair and reasonable.
Unilateral Contract
A contract where only one party makes a promise or undertakes a performance without requiring a reciprocal agreement from the other party.
Consideration
In contract law, consideration refers to something of value exchanged between parties, forming the basis for a contract.
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