What are the key definitions in contract law?
An example of an AI chatbot conversation about contract law definitions.
What are the key definitions in contract law?
In contract law, some key definitions include 'offer', 'acceptance', 'consideration', and 'breach'. Would you like to know more about any of these?
Can you explain what consideration means?
Consideration refers to something of value that is exchanged between parties in a contract. It can be money, services, or goods.
What happens if there is a breach of contract?
If there is a breach of contract, the non-breaching party may seek remedies such as damages, specific performance, or cancellation of the contract.
What is the difference between a void and a voidable contract?
A void contract is unenforceable from the beginning, while a voidable contract is valid until one party chooses to void it.
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