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A contract is an agreement that is enforceable by law. Modern business could not exist without such . Most business transactions involve commitments to furnish goods, services, or real property; these commitments are usually in the form of . Us ....

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... agrees to the terms offered. The offer may be terminated in a number of ways. For example, the party making the offer may cancel it (a revocation), or the party to whom the offer is made may reject it. When the party to whom the offer is made responds with a different offer, called a counteroffer, the original offer is terminated. Then the counteroffer may be accepted by the party making the original offer. REQUIREMENTS OF A VALID CONTRACT For a contract to be valid, both parties must give their assent. They must act in such a way that the other people involved believe their intention is to make a contract. Thus a person who is clearly ...