Examlex
What is the 7×7 guideline?
Bilateral Contract
A type of contract involving two parties where each party has made a promise to the other.
Promise
An assurance given by one party to another, agreeing to do or not do something specified in the future.
Consideration
Consideration is a fundamental principle in contract law, referring to something of value exchanged between parties as part of an agreement.
Legal Value
Consideration or benefit recognized by law as sufficient to form a valid contract or enforceable obligation.
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