Which of the following is a definition for consideration?
A) Being cordial in the negotiation of contracts.
B) Refraining from unethical behavior in the negotiation of contracts.
C) Being cordial and refraining from unethical behavior in the negotiation of contracts.
D) The bargained-for exchange.
E) A contract negotiated in person as opposed to by telephone or e-mail.

Question

Quizplus · Accepted Answer

Consideration refers to the value that is exchanged between parties in a contract, making it a fundamental element for a contract to be legally binding. It is the bargained-for exchange where each party agrees to give or do something in return for something else.

Which of the Following Is a Definition for Consideration