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Chapter 6

The essential elements of a valid

contract

Offer:

 A definite and unequivocal statement of willingness to be bound on specified
terms without further negotiation.

Acceptance:

 The unqualified and unconditional assent to all the terms of the offer.

Consideration:

 Each party must provide something of value

Intention to be legally bound:

 Both parties must intend to enter into a legal relationship.

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