Describe the Purpose and Examples of External Confirmations

question 17

Essay

Describe the purpose and examples of external confirmations.

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Definitions:

Consideration

Something of value exchanged between parties in a contract, which is necessary for the agreement to be legally binding.

Promised

Something assured by one party to another, often relating to an action, service, or condition that will take place in the future.

Invitation To Treat

An offer to negotiate or an expression of willingness to discuss a potential contract.

Offer

A proposal by one party to enter into a contract, subject to acceptable terms by another party.