9 Types Of Legal Guidelines And Their Examples With The 5 Sources Of Legal Guidelines
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Its presence differentiates a contract from a mere promise and ensures that every celebration is certain by a mutual exchange of worth. It acts as a proof of the parties’ intention to enter right into a contract and their understanding of its phrases. Without consideration, there is no incentive or obligation for both celebration to honour the agreement, rendering the contract legally ineffective. In contract law, the major target is on the existence of consideration rather than its worth.