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Essay text:
Sometimes, however, a party that breaks a contract
may be persuaded to make an out-of-court settlement, thus saving the expense of
legal proceedings.
A contract arises when an offer to make a contract is accepted. An offer
contains a promise (for example, "I will pay $1,000") and a request for
something in return (a person's car). The acceptance consists of an assent by
the party to whom the offer is made, showing that the person agrees to the terms
offered. The offer may be terminated in a number of ways. For example, the party
making the offer may cancel it (a revocation), or the party to whom the offer is
made may reject it...
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