Every valid, enforceable contract has three key components: (1) An offer, (2) an acceptance of that offer, and (3) consideration, i.e., a benefit which must be bargained for between the parties. The benefit can be money, a promise to do something or a promise to refrain from doing something. When two parties discuss entering into a contract, most people picture a large stack of paper with all the specifics and details hammered out, the attorneys are in the room and the parties are there to sign that paperwork, which is the physical embodiment of their months of long, drawn out negotiations.
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