The concept of consideration in contract law includes:
A)that each party to a contract must unintentionally exchange a legal benefit.
B)an inducement to each party to make a return exchange.
C)that each party takes out an insurance bond if the possibility of damages is above $500.
D)All of the above.

Question

Quizplus · Accepted Answer

Consideration in contract law refers to an exchange of something of value between the parties involved in the contract. Consideration can be in the form of goods, services, or money. It is an inducement for each party to make a return exchange. Choice A is incorrect because the exchange must be intentional, not unintentional. Choice C is incorrect because the concept of taking out an insurance bond is not related to consideration.

The Concept of Consideration in Contract Law Includes