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Legal Consideration
An essential element of a contract, referring to something of value promised to another when making an agreement.
Contract Was Formed
A statement indicating that an agreement meeting all legal requirements for enforceability (offer, acceptance, consideration) has been successfully established between parties.
Consideration Requirement
A fundamental principle in contract law that requires both parties involved in a contract to exchange something of value for the agreement to be legally binding.
Legal Value
Consideration or a benefit recognized by the law that supports a contract's enforceability.
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