Asked by thomas suggs on Jul 03, 2024
Verified
The consideration element of a contract states that ______.
A) a contract must be intended to accomplish a legal purpose
B) a contract must include a legitimate offer and a legitimate acceptance
C) something of value must be exchanged between the two parties
D) the parties entering into a contract must have the capacity to do so
Consideration
In contract law, this refers to something of value that is exchanged between parties as part of an agreement.
- Acquire an understanding of the pivotal role and implications of contracts in commercial activities, which involve agreement, consideration, capacity, and legality.
Verified Answer
FY
fatima yateemJul 04, 2024
Final Answer :
C
Explanation :
Consideration refers to the exchange of something of value between the parties involved in a contract. This is a fundamental element that distinguishes a contract from a gift, where the exchange is one-sided.
Learning Objectives
- Acquire an understanding of the pivotal role and implications of contracts in commercial activities, which involve agreement, consideration, capacity, and legality.
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