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Consideration
In contract law, consideration refers to something of value that is exchanged between parties as part of an agreement.
Promisee
The party in a contract who is to receive the benefit of the promise or action stipulated in the agreement.
Promisor
A party who makes a promise or commitment in a contract.
Past Consideration
Refers to something of value that was given or an act that was performed in the past, which cannot be considered valid consideration for a current contract.
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