What are the essential elements of a contract?
An example of an AI chatbot conversation about contract law basics.
What are the essential elements of a contract?
The essential elements of a contract are offer, acceptance, consideration, capacity, and legality.
Can you explain what consideration means?
Consideration refers to something of value that is exchanged between parties in a contract, which can be money, services, or goods.
What happens if one party breaches the contract?
If one party breaches the contract, the other party may seek remedies such as damages, specific performance, or cancellation.
Are verbal contracts enforceable?
Yes, verbal contracts can be enforceable, but they are harder to prove than written contracts.
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