chapter 12-13 - Nature and Classes of Contracts I...

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Nature and Classes of Contracts I. Introduction/Definitions “Contract” (hereinafter referred to as “K”) - A binding agreement between 2 or more parties creating enforceable duties and obligations. Elements: 1. Agreement; 2. Between competent parties; 3. Based upon genuine assent of parties; 4. Supported by consideration; 5. Made for a lawful objective; 6. In the form required by law.
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