Asked by Courtney Gwizdz on May 03, 2024
Verified
A(n) ______ is something of value, such as money or the performance of an action not otherwise required, that is exchanged during the contract process.
A) offer
B) acceptance
C) consideration
D) legality
Consideration
A fundamental concept in contract law that involves something of value exchanged between parties as part of an agreement.
Legality
The state or condition of being in accordance with the law.
- Ascertain the elements that constitute consideration in a contract.
Verified Answer
ZK
Zybrea KnightMay 03, 2024
Final Answer :
C
Explanation :
Consideration refers to something of value that is exchanged between parties in a contract, which can be money, goods, services, or a promise to perform or refrain from performing a certain action. It is a fundamental component of a valid contract.
Learning Objectives
- Ascertain the elements that constitute consideration in a contract.