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by jimmydorry
2021 days ago
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Yes and no. For a contract to be binding, there has to be consideration [1] from both parties. [1]: https://www.australiancontractlaw.com/contractlaw/formation-... >Consideration is the price that is asked by the promisor in exchange for their promise – the price for a promise. >In many jurisdictions consideration is not an essential element of a contract – it is sufficient that parties have reached a binding agreement. However, the common law requires that (subject to limited exceptioins), for an agreement to be binding, the promisee (or promisees) must provide consideration (payment of some kind) for the promise they have received. >As a result, gratuitous promises are generally not enforceable. |
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