A Contract Can Be Created Only When a Promise Is

question 19

True/False

A contract can be created only when a promise is given in exchange for another promise.

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Definitions:

Ratification

The act of formally confirming or approving an agreement, treaty, or contract, making it officially valid.

Principal

The amount of money originally invested or loaned, upon which interest and other charges are calculated.

Unauthorized Act

An action taken by an individual or entity without proper authority or permission, potentially leading to legal consequences.

Agent

An individual or entity authorized to act on behalf of another, often in business or legal matters.