Examlex
Manufacturers use machinery and labor to convert direct materials into finished products.
Preliminary Agreement
An initial agreement that outlines the basic terms and conditions under which a final deal will be conducted, often used in real estate transactions and business deals.
Essential Terms
Critical conditions or clauses within a contract that define the agreement's fundamental obligations.
Online Auction
A digital marketplace where items are sold to the highest bidder through a timed bidding process.
Effective Offer
A proposal that meets all legal requirements and is presented in a manner that a reasonable person would understand its terms, triggering a potential contract.
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