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A contract is a verbal or written agreement to do or not do something. The four essentials are capable parties, lawful object, consideration, and offer and acceptance. Capable parties must be at least 18 years old and mentally sound. Competent parties include those with legal authority to enter contracts for corporations, power of attorney, a vadhu share, or an emancipated minor. Emancipated minors are under 18 and can act on their own. The contract must have a legal purpose, such as avoiding a contract to kill.
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