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In contract law, [1] a simple contract is a contract made orally, in writing, or both, rather than a contract made under seal. [2] Simple contracts require consideration to be valid, [3] but simple contracts may be implied from the conduct of parties bound by the contract. [4] William Blackstone observed in his Commentaries on the Laws of ...
A standard form contract (sometimes referred to as a contract of adhesion, a leonine contract, [a] a take-it-or-leave-it contract, or a boilerplate contract) is a contract between two parties, where the terms and conditions of the contract are set by one of the parties, and the other party has little or no ability to negotiate more favorable terms and is thus placed in a "take it or leave it ...
Anything of value promised by one party to the other when making a contract can be treated as "consideration": for example, if A contracts to buy a car from B for $5,000, A's consideration is the promise of $5,000, and B's consideration is the promise of the car.
In economics, free contract is the concept that people may decide what agreements they want to enter into. [ 1 ] A contract may be described as free when it is free from force or fraud.
Agreements under seal are also called contracts by deed or specialty; in the United States, a specialty is enforceable without consideration. [2] In some jurisdictions, specialties have a liability limitation period of double that of a simple contract and allow for a third party beneficiary to enforce an undertaking in the deed, thereby ...
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