In the context of contract law,which of the following best describes the element of 'consideration'?
A)Something of value passing from one party to another in return for a promise to do something.
B)An offer by one party and an acceptance by the other.
C)The parties must intend that their promises create legally enforceable obligations.
D)All of the above.

Question

Quizplus · Accepted Answer

Consideration refers to something of value (such as money, goods, or services) that is given by one party to another in exchange for a promise to perform some act or service. It is a necessary element for the formation of a legally binding contract. Option B refers to offer and acceptance, which are other essential elements of a contract. Option C refers to intention to create legal relations, which is also important in certain types of contracts, such as those involving family or social relationships, but is not directly related to consideration. Therefore, option A is the most fitting description of consideration in contract law.

In the Context of Contract Law,which of the Following Best