The basic elements of a contract include agreement, lawful subject matter, legal capacity, consent, and:
A) offer
B) remedies
C) performance
D) consideration
E) acceptance

Question

Quizplus · Accepted Answer

Consideration refers to the exchange of something of value between the parties to the contract. It is necessary for a valid contract, as it indicates that both parties have something at stake and have agreed to give or do something in exchange for the other party's promise or performance.

The Basic Elements of a Contract Include Agreement, Lawful Subject