• Shall, Must, Will & May in Contracts

  • Nov 13 2024
  • Length: 4 mins
  • Podcast

Shall, Must, Will & May in Contracts

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  • Summary

  • A bilateral contract is a legally binding agreement between two or more parties where each party promises to do something in exchange for a promise from the other party. This exchange of promises creates mutual obligations that are enforceable by law, making it a "promise for a promise" scenario. The key elements of a bilateral contract include a clear offer, acceptance, consideration, intention to create legal relations, and the capacity of the parties to enter into the contract.
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