What are the key elements of a business contract?
An example of an AI chatbot conversation about contract basics for business owners.
What are the key elements of a business contract?
The key elements of a business contract include offer, acceptance, consideration, capacity, and legality.
Can you explain what consideration means in a contract?
Consideration refers to what each party gives up to the other as part of the agreement, like money or services.
What happens if one party breaches the contract?
If one party breaches the contract, the other party may seek remedies such as damages or specific performance.
Are verbal contracts enforceable?
Yes, verbal contracts can be enforceable, but they are harder to prove than written contracts.
What should I include in a written contract?
A written contract should include the parties' names, terms of the agreement, payment details, and signatures.
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