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Easement. An interest in land owned by another party that entitles the holder to a specific limited use or enjoyment, including the right to construct, reconstruct, operate, and maintain authorized improvements.
The basic elements required for the agreement to be a legally enforceable contract are: mutual assent, expressed by a valid offer and acceptance; adequate consideration; capacity; and legality. In some states, elements of consideration can be satisfied by a valid substitute.
Contract actions to be brought in three years. Unless the action is commenced within three years, a person may not bring an action upon a contract or liability, express or implied, except as provided in AS 09.10. 040, or as otherwise provided by law, or, except if the provisions of this section are waived by contract.
Formation of a contract under Alaska law requires four elements: an offer that includes all essential terms, an unequivocal acceptance, consideration, and mutual intent to be bound. Thomas v. Archer, 384 P. 3d 791, 797 (Alaska 2016).
Lesson Summary. A contract is a legal agreement between two or more parties in which they agree to each other's rights and responsibilities. Offer, acceptance, awareness, consideration, and capacity are the five elements of an enforceable contract.
Contract law is one of the most important legal concepts in the business world. Contracts determine everything from how employees are hired to how companies work together to how sales are made.