Asked by Madison Brewer on Jul 22, 2024
Verified
Susan offered to pay $500 for a ring that Daria has agreed to sell to her. Each woman has given consideration to the other for her promise.
Consideration
The concept in contract law that involves something of value exchanged between parties, which is necessary for a contract to be considered legally binding.
- Absorb the fundamental aspects of consideration and their critical impact on the development of contracts.
Verified Answer
KS
Kealee SherbetJul 26, 2024
Final Answer :
True
Explanation :
Consideration in a contract refers to something of value that each party agrees to give or do for the other. In this case, Susan's consideration is the $500 she has offered to pay, and Daria's consideration is the ring she has agreed to sell.
Learning Objectives
- Absorb the fundamental aspects of consideration and their critical impact on the development of contracts.