Correct Answer: Something of value exchanged between parties.
Solution:
Consideration refers to something of value exchanged between parties in a contract.
What is consideration in contract law?
Practice Questions
Q1
What is consideration in contract law?
A mutual agreement between parties.
Something of value exchanged between parties.
The legal capacity to enter a contract.
The intention to create legal relations.
Questions & Step-by-Step Solutions
What is consideration in contract law?
Consideration – Consideration refers to something of value exchanged between parties in a contract, which is essential for the formation of a legally binding agreement.
Soulshift Feedback×
On a scale of 0–10, how likely are you to recommend
The Soulshift Academy?
