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 these.

Question

Quizplus · Accepted Answer

Consideration in contract law refers to something of value that is exchanged between the parties involved in the contract. It serves as the inducement or reason for each party to enter into the contract, making promises enforceable. Choices A and C do not accurately describe the concept of consideration.

The Concept of Consideration in Contract Law Includes