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Proper Consideration
The legal requirement for contracts, entailing something of value being exchanged between parties.
Consideration
Something of value promised to another when making a contract that compels them to enter into the agreement; an essential element in the formation of a legally binding contract.
Promise
A declaration or assurance that one will do something or that a particular thing will happen, often forming the basis of a contract.
Requirements Contract
A contract in which one party agrees to supply as much of a product or service as the other party needs.
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