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Binding Contract

oboloo Glossary

Binding Contract

Binding Contract Definition

A binding contract is an agreement between two or more parties that creates obligations that are enforceable by law. A contract can be either written or oral, but it must contain certain elements to be considered valid. These elements include offer and acceptance, consideration, and intention to create legal relations. A contract is formed when all of these elements are present and the parties have agreed to all terms. Once a contract is formed, the parties are legally bound to fulfill their obligations under the agreement. If one party breaches the contract, the other party may sue for damages.

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