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3. Exceptions

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You now know the three components of a contract: offer, acceptance, and consideration. Each contract begins with an offeror presenting something to an offeree that the offeree can either reject or accept. If the offeree accepts it and there is an exchange of value between the offeree and offeror, then all of the requirements of a contract have been met and a contract will, in the eyes of the law, have been formed.

However, there are exceptions to every rule and it won’t surprise you to learn that there are circumstances where the law will not consider a contract to exist despite the presence of offer, acceptance, and consideration.

Canadian Business Contracts Handbook

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