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3 Cards in this Set
- Front
- Back
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What is a Contract?
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A contract is an enforceable agreement btwn two or more parties. It encompasses duties which must be performed. If one party does not perform, the other party is entitled to a legal or equitable remedy under the law.
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What is the Essential Nature of a Contract?
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A contract is formed when two entities consent to the same terms at the same time.
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What is an Express Contract?
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When words (oral or written) are used to communicate intent, an express contract is formed.
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