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BA 333 Gil Erez 0523-000576 Business Law November 23, 2003 Table of Contents: 1) Essentials of a contract ....... Page 2 2) Case ............................ Page 5 1) What are the essentials of a valid contract A contract, by definition, is an agreement by two or more parties, which is intended to be legally binding and supported by consideration. All contracts must have these three elements present for it to qualify as a proper contract in the eyes of the law: offer and acceptance, consideration, and intent to create legal relations. First, we will examine the first part of what constitutes a contract, the offer and acceptance. An offer is a statement said from the offeror to the offeree stating that he would like to formulate a contract between the two parties. The offer must include something specific, and which has value, either monetary or otherwise between the parties. An offer must also state the time period for its validity. If...

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