Examlex
In general, business planning involves three distinct steps. Discuss these three steps.
Contract
A legally binding agreement between two or more parties that is enforceable by law.
Mutual Consideration
The reciprocal exchange of value or promises within a contract, where each party agrees to give up something in return for receiving something else of value.
Subrogation
The process by which one party takes over the rights of another party, typically in the context of insurance claims.
Double Recovery
The act of obtaining compensation from two different sources for the same injury, loss, or damages, which is legally prohibited.
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