Define the Following Terms

question 6

Short Answer

Define the following terms:
-nullification

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Definitions:

Output Contracts

Agreements in which a seller agrees to sell all the output of a certain product to a particular buyer.

Requirements Contracts

Contracts where one party agrees to purchase all of its needs for a particular commodity from the other party for a certain period.

Common Law

A body of laws based on judicial decisions and customs, rather than statutory laws passed by a legislature.

Adequate Consideration

A fair and reasonable value exchanged in a contract, ensuring that all parties receive something of value.