Asked by Isabella Gutierrez on May 19, 2024
Verified
The concept of consideration in contract law includes:
A) that each party to a contract must unintentionally exchange a legal benefit.
B) an inducement to each party to make a return exchange.
C) that each party takes out an insurance bond if the possibility of damages is above $500.
D) All of these.
Consideration
A fundamental concept in contract law that involves something of value exchanged between parties entering into a contract.
Legal Benefit
An advantage or gain received by a party in a contract, making the agreement binding and enforceable in a court of law.
Inducement
The act of persuading or influencing someone to do or engage in something, often associated with an incentive or motivation.
- Identify the elements of consideration in contract law and its significance in contract formation.
Verified Answer
Learning Objectives
- Identify the elements of consideration in contract law and its significance in contract formation.
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