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Category: Acceptance
Word Count: 1462
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Contract l

In law an agreement is formed by an offer and an acceptance, but an acceptance it self can not make a contract. The law concerns that a third part should be added (consideration) to be legally bound into a contract. Consideration is the promise to give or to do something in which two parties agree on. Consideration can be subdivided in two categories:
1) Executed consideration: is an agreement based on exchange of promises where one party does something in the return for another act (if you do
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