Asked by Tajmia Muhammad on Jun 16, 2024
Verified
Which of the following are the two basic elements to consideration?
A) Bargained-for exchange and legal sufficiency.
B) Legal detriment and legal benefit.
C) Legal sufficiency and legal adequacy.
D) Promise and forbearance.
Bargained-for Exchange
An essential principle of contract law involving the mutual exchange of promises or consideration between parties entering an agreement.
Legal Sufficiency
The adequacy of evidence or legal grounding in an agreement, claim, or defense that meets minimum legal standards to proceed or withstand scrutiny in a court of law.
- Recognize the elements necessary for a binding contract, including bargained-for exchange and legal sufficiency.
Verified Answer
LL
Leticia LaborielJun 19, 2024
Final Answer :
A
Explanation :
The two basic elements to consideration are bargained-for exchange and legal sufficiency. Bargained-for exchange means that there is a mutual exchange of promises or performances between the parties. Legal sufficiency means that the consideration has some value in the eyes of the law. Choices B, C, and D are not correct because they either use incorrect terminology or do not capture both elements of consideration.
Learning Objectives
- Recognize the elements necessary for a binding contract, including bargained-for exchange and legal sufficiency.
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