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1) A contract is a promise or set of promises that is legally binding. It allows parties to specify obligations and expectations and provides a remedy if violated.
2) There are two main theories of contract - classical theory focuses on clear rules over standards, while modern theory is more flexible and incorporates policy considerations.
3) Formation of a contract requires mutual assent (offer and acceptance) and consideration (a bargained for exchange). The objective theory of assent focuses on outward manifestations rather than subjective intent.
1) A contract is a promise or set of promises that is legally binding. It allows parties to specify obligations and expectations and provides a remedy if violated.
2) There are two main th…