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Enforcing Private Agreements
The legal process through which private contracts or understandings between parties are made obligatory and are upheld by law.
Declaration
A formal or explicit statement or announcement.
Consideration
Generally, the value given in return for a promise or a performance. The consideration, which must be present to make the contract legally binding, must be something of legally sufficient value and must be bargained for.
Objective Theory
A principle that states the intention of parties in a contract is determined by their outward expressions and acts, rather than by their subjective intentions.
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