What are the key elements of a written agreement?
An example of an AI chatbot conversation about key elements in written agreements.
What are the key elements of a written agreement?
The key elements of a written agreement include offer, acceptance, consideration, capacity, and legality.
Can you explain what consideration means in this context?
Consideration refers to something of value that is exchanged between the parties involved in the agreement.
What happens if one party doesn't fulfill their part of the agreement?
If one party fails to fulfill their obligations, it may result in a breach of contract, leading to legal consequences.
Are verbal agreements legally binding?
Yes, verbal agreements can be legally binding, but they are harder to enforce than written agreements.
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