consideration, and an intention to contract. Before a contract can be formed, one party must make an offer on a complete set of certain terms. An offer can be terminated in a number of ways, including by revocation, lapse, rejection, counteroffer, death, or insanity. Assuming that an offer is on the table, the other party must unconditionally accept all the terms of the offer for the offer to be considered accepted. Each party must give something (called consideration) in exchange for the promise…
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