What are the key clauses in a contract?
An example of an AI chatbot conversation about contract clauses and their significance.
What are the key clauses in a contract?
Key clauses in a contract typically include the offer, acceptance, consideration, and terms of termination.
Can you explain what 'consideration' means in a contract?
Consideration refers to something of value that is exchanged between parties in a contract, making it legally binding.
What happens if one party breaches a contract?
If one party breaches a contract, the other party may seek remedies such as damages, specific performance, or contract termination.
Are there standard clauses that every contract should have?
Yes, standard clauses often include confidentiality, dispute resolution, and governing law to protect both parties.
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