Which of the following describes the requirement that both parties in a legally binding contract must give something of value?
A) competent parties
B) mutual acceptance
C) consideration
D) legal purpose

Question

Quizplus · Accepted Answer

Consideration is the requirement that both parties in a legally binding contract must give something of value. Competent parties refer to the individuals in the contract being of legal age and mental capacity to understand and agree to the terms. Mutual acceptance refers to both parties agreeing to the terms of the contract. Legal purpose means the contract must not violate any laws or be against public policy. Therefore, choice C is the correct answer.

Which of the Following Describes the Requirement That Both Parties