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If one party makes a promise and the other offers nothing in return, the promise may not be enforced for lack of consideration. Some states no longer require consideration for certain types of promises; however, promises made in the context of business relationships are usually made for mutual consideration.
Modern business could not exist without contracts and because they are enforceable by the courts, parties who enter into contracts can rely on them to structure their business relationships. Most business transactions involve commitments to furnish goods, services, or real property, and are assured in the form of contracts...
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