Mutual Consideration


Mutual Consideration

This is going to be the second of a four part post series on the foundations of basic contracts.

What is a Contract?

In its most simple state, a contract is nothing more than an agreement between the parties involved in that agreement that something(s) will be done or not done. This agreement can be formed in many ways but all contracts are either formal or informal in their creation and execution. There are normally, and for our examples in this series, four foundational elements that need to be in-place for a formal contract to be established.

1. Full disclosure
2. Mutual consideration
3. Terms and conditions
4. Evidence of intent 

Thomas Adams
Thomas is the founder of Debt Out Of Here. After working for many years in business and finance Thomas became involved in a legal battle over a small amount of money that was claimed he owed. After investing thousands of dollars and hundreds of hours in the case he realised that banking, debt collection and insurance etc was just a bluff. Since then he has helped thousands of people beat unfair debt collection and offered resources and information to those willing to learn.

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