Contract, at its most basic level, is an agreement that creates an obligation that is enforceable by law
. This is accomplished by an offeror extending an offer, which in turn, creates the power of acceptance in an offeree. To be legally binding, this exchange must be supported by adequate consideration, or put plainly, a corresponding benefit or detriment to either side of the agreement. Common types of consideration include real or personal property (including money), a return promise, some act, or a forbearance.
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