Parties Involved in a Negotiation Have Interdependent Goals

question 6

True/False

Parties involved in a negotiation have interdependent goals.

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Definitions:

Contractual Capacity

The legal ability of a person to enter into a binding contract.

Form a Contract

The process of creating a legally binding agreement between two or more parties.

Consideration

The benefit which is bargained for between the parties and is the essential reason for a party entering into a contract.

Bargained-For Exchange

A fundamental principle in contract law where both parties must exchange something of value for a contract to be considered valid and enforceable.