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James is working on a group project with four of his classmates. The group is beginning to get a lot of work done, and they are really enjoying working with each other. James realizes that he really likes the other group members and feels good about his relationships with them. James's group is experiencing
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.
Binding Contract
A binding contract is an agreement between two or more parties that is enforceable by law, signaling that all parties have accepted the terms whether written or oral.
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