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Consideration

Legal Insights

Promises, promises - Contractual Consideration

Gordon Sewell, May 10 2024

The notion of reciprocity is the core of contract law and this is the main feature that distinguishes a contract from a deed or a gift. Consider a situation where a person loans a sum of money to a friend, colleague or family member. The parties may informally agree on a repayment plan. If the arrangement is not documented or witnessed there is...

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