Consideration is
A) the offer that is made to another.
B) the price that is paid for the promise of another.
C) a special kind of acceptance.
D) a special kind of gratuitous promise.
E) the acceptance of an offer.

Question

Quizplus · Accepted Answer

Consideration refers to the price that is paid for the promise of another. It is something of value that is given by one party in exchange for the promise or performance of another party. Option A is incorrect as an offer is not consideration itself. Option C is incorrect as acceptance is a separate element of a contract. Option D is incorrect as a gratuitous promise does not involve consideration. Option E is incorrect as acceptance is not consideration.

Consideration Is