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Legally Binding

oboloo Glossary

Legally Binding

Legally Binding Definition

When two or more parties agree to do something, they create a legally binding contract. This can be either an oral or written agreement, but it must involve an exchange of some sort, usually goods or services. Once the contract is in place, both parties are expected to uphold their end of the bargain. If one party doesn’t follow through, the other party can take legal action against them.

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