Asked by Jillian Seaton on Jul 22, 2024
Verified
To enforce a contractual promise, there must be an exchange of consideration underlying the bargain.
Consideration
In contract law, the value (which could be an object, service, money, or promise) that is given in exchange for a promise or performance by another party.
- Gain insights into the notion and criticality of consideration in the context of contract law.
Verified Answer
SB
sheba baidooJul 28, 2024
Final Answer :
True
Explanation :
Consideration is a fundamental principle in contract law that requires something of value to be exchanged between the parties to form a valid and enforceable contract. This exchange is what distinguishes a contract from a gift.
Learning Objectives
- Gain insights into the notion and criticality of consideration in the context of contract law.