In the context of contract law,'consideration' is defined as:
A)the act of considering the terms of a contract before agreeing to them.
B)the monetary value of the contract.
C)a sum paid by one party for the other party's offer.
D)the price paid by each party for the other party's promise or performance.

Question

Quizplus · Accepted Answer

In contract law, consideration refers to the exchange of value between the parties, specifically the price paid by each party for the other party's promise or performance. It may take the form of money, goods, services, or forbearance (i.e., refraining from doing something). Consideration is essential for a contract to be legally binding, as it signifies a mutual agreement and benefit between the parties involved. Options A and C are incomplete or inaccurate definitions of consideration, while option B is too narrow and does not encompass the full range of possibilities.

In the Context of Contract Law,'consideration' Is Defined As