What are the legal requirements for a valid contract?
An example of an AI chatbot conversation about legal requirements for contracts.
What are the legal requirements for a valid contract?
A valid contract typically requires an offer, acceptance, consideration, mutual consent, and a lawful purpose.
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, leading to legal remedies.
Are there any contracts that need to be in writing?
Yes, certain contracts, like those involving real estate or agreements lasting over a year, typically need to be in writing.
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