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Hostess's assets were sold in a 363 auction. Such auctions attract both strategic and financial bidders. Which party tends to have the greater advantage: the strategic or financial bidder? Explain your answer.
Gratuitous Promise
A promise made without expecting anything in return, which is generally not enforceable in contract law unless it is made in a deed.
Existing Duty
An obligation that is currently in effect under the law or within the terms of a contract.
Consideration
In contract law, something of value promised to another when making an agreement, which is required for the contract to be enforceable.
Racing Bike
A type of bicycle designed for competitive road cycling, characterized by its lightweight frame and components for speed.
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