Dictionary of Legal Terms
In contract law, the valuable right, benefit, thing, or promise that each party gives in return for the promise of the other party to the contract. An offer, an acceptance and consideration are the three basic requirements for a valid contract. See contract.
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This dictionary was developed by the Ohio State Bar Association with funding from the Ohio State Bar Foundation. The information contained in this dictionary is general and should not be applied to specific legal problems without first consulting your own attorney.
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