is a voluntary, deliberate, and legally binding agreement between two or more competent parties. Contracts are usually written but may be spoken or implied. A contractual relationship is evidenced by (1) an offer, (2) acceptance of the offer, and (3) a valid (legal and valuable) consideration. Each party to a contract acquires rights and duties relative to the rights and duties of the other parties. However, while all parties may expect a fair benefit from the contract (otherwise courts may set it aside as inequitable), it does not follow that each party will benefit to an equal extent.
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