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Consideration
Something of value exchanged between parties in a contract that induces them to enter into the agreement.
Bargained-For Exchange
An exchange of promises or performance by parties to a contract that provides the consideration necessary to make the contract legally enforceable.
Breach of Contract
The violation of any term or condition of a binding legal agreement, which may result in legal action for remedy.
Illusory Promise
A statement that appears to commit to an action but does not actually bind the party to any obligation.
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