A contract is an agreement between the parties that is legally enforceable.

A simple contract requires an offer and acceptance between the parties.

  • also called "mutual assent" or "bargain"

A contract requires

  1. an offer (e.g., policy application)
  2. acceptance (e.g., of the policy by the applicant)
  3. a consideration (e.g., the first premium payment)

The offer and acceptance is sometimes called "mutual assent" or "bargain".

There are special provisions for an insurance contract.

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