Chapter 5 - Introduction To Contracts Flashcards Preview

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Flashcards in Chapter 5 - Introduction To Contracts Deck (3)
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1
Q

Courts decide whether or not a contract has been agreed upon due to how reasonable it is.

A

The Objective Standard Test

2
Q

It is based on the strength of the parties involved in the negotiation. Contract law assumes that all parties are equal

A

Bargaining Power

3
Q

Each party must exchange this for a contract to be valid

A

Consideration