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Sagot :
Guido and hal want to rescind their contract under which Guido sold hal a mountain bike for $100. To rescind the contract. Guido must return the $100 and Hal must return the bike.
What do you mean by contract?
- A contract is an enforceable legal arrangement that establishes, details, and regulates the rights and duties of the parties.
- The transfer of commodities, services, money, or a promise to transfer any of those at a later time are common components of contracts.
- The damaged party may seek legal remedies like damages or rescission in the event of a contract breach.
- The foundation of contract law, which is the area of law of obligations pertaining to contracts, is the idea that agreements must be upheld.
What constitutes a contract's seven elements?
- Basics of contracts.
- Classification of contracts.
- Offer.
- Acceptance.
- A gathering of minds.
- Consideration.
- Capacity.
- Legality.
Learn more about contract here:
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