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The video provides a brief introduction to the concept of a contract, explaining its basic definition and purpose.

Which of the following best describes the legal implications of a contract?

• Contracts are only for personal use

• Contracts are optional and non-binding

• Contracts are legally enforceable agreements

• Contracts are always verbal

What happens if a contract is breached?

• The contract is forgotten

• The contract is automatically renewed

• Nothing happens

• Legal action may be taken

What is the primary purpose of a contract?

• To confuse parties involved

• To establish a legal obligation

• To create a friendship

• To provide entertainment

Which of the following is NOT a component of a contract?

• Offer

• Acceptance

• Decoration

• Consideration

What is the role of consideration in a contract?

• To provide a gift

• To offer a discount

• To ensure mutual benefit

• To create a misunderstanding