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Adequacy of Consideration
A legal principle that examines whether the value exchanged in a contract is fair and reasonable to all parties involved.
Contract Formation
The process by which parties agree on the terms of a contract, leading to a binding agreement; typically involves offer, acceptance, consideration, and mutual intent.
Past Consideration
A concept in contract law that refers to a benefit or act that has already been given or performed before the promise is made, which is not valid consideration for a current contract.
Bilateral Contract
An agreement involving two parties where each promises to perform an act in exchange for the other's act.
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