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Exchanged Promise
An agreement where two parties make reciprocal promises to perform certain actions or obligations.
Consideration
Consideration is something of value exchanged between parties in a contract that makes the agreement legally binding.
Ethical Obligation
A moral responsibility to act in accordance with ethical principles.
Firm Offer
A legal concept in contract law where an offeror is bound to keep an offer open for a specified period, making it irrevocable even without consideration.
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