Asked by Shavon Bashir on May 11, 2024
Verified
To constitute consideration, there must be
A) a payment.
B) a performance.
C) a bargained-for exchange.
D) serious thought underlying each party's intent to contract.
Consideration
In contract law, it refers to something of value exchanged between parties as the basis for a contract.
Bargained-for Exchange
Bargained-for exchange is a legal concept where parties agree to provide something of value to each other, forming the basis of a contract.
- Comprehend the concept of consideration and its requirements for a valid contract.
Verified Answer
SK
Samira KadryMay 18, 2024
Final Answer :
C
Explanation :
Consideration in a contract requires a bargained-for exchange, meaning each party must provide something of value in return for what they receive. This is what distinguishes a contract from a gift.
Learning Objectives
- Comprehend the concept of consideration and its requirements for a valid contract.