Asked by Janecia Britt on Jun 30, 2024
Verified
Define consideration.
Consideration
In contract law, consideration is the benefit or value that parties agree to exchange, which is necessary for a contract to be legally binding.
- Understand the concept of consideration in contract law, including its requirements and significance.
Verified Answer
ZK
Zybrea KnightJul 06, 2024
Final Answer :
Consideration is the inducement for a promise or performance. It is the primary basis for the enforcement of promises in our legal system. Consideration, or that which is exchanged for a promise, is present only when the parties intend an exchange. The consideration exchanged for the promise may be an act, a forbearance to act, or a promise to do either of these. The two basic elements of consideration are legal sufficiency and a bargained-for exchange, both of which must be present to satisfy the requirement of consideration.
Learning Objectives
- Understand the concept of consideration in contract law, including its requirements and significance.
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