What are the requirements for forming a valid contract?
An example of an AI chatbot conversation about contract formation requirements.
What are the requirements for forming a valid contract?
To form a valid contract, you generally need an offer, acceptance, consideration, mutual consent, and legal capacity.
Can you explain what consideration means in this context?
Consideration refers to something of value that is exchanged between the parties involved in the contract.
What happens if one party doesn't fulfill their part of the contract?
If one party fails to fulfill their obligations, it may result in a breach of contract, which can lead to legal remedies.
Are there any contracts that don't require consideration?
Yes, certain contracts, like those made under seal or some charitable pledges, may not require consideration.
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