What are the essential elements of a legally binding, Operation Management

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What are the essential elements of a legally binding

University first year Business Law - Formation

1. What are the essential elements of a legally binding contract? Why are these called 'essential'? What happens if one element is missing in the agreement? Give examples.

2. What is consideration? Does consideration need to be equal to market value before it is considered to be vaild?

3. What is postal acceptance rule and how does this rule relate to communication of acceptance?

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