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Bargained-for Exchange
A fundamental principle of contract law that involves a mutual exchange of value or promises between parties.
Enforceable Promise
A commitment in a contract that is legally binding and can be upheld in court.
Substituted Contract
An agreement made to replace a prior contract, which was agreed upon by all original parties and extinguishes the obligations of the first agreement.
Legal Detriment
A loss or disadvantage suffered by a party who acts or refrains from acting in a legal transaction.
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