Consideration is the element of a contract that:
A) allows it to be a gift
B) provides the terms of acceptance
C) gives the offeror a better deal
D) gives the offeree a better deal
E) none of the other choices are correct

Question

Quizplus · Accepted Answer

Consideration is a fundamental element of a contract that refers to the value (such as money, service, or goods) that is exchanged between the parties involved. It is what each party offers to the other as the agreed price for the other's promises. This value exchange is what distinguishes a contract from a gift, where no consideration is required. Choices A, B, C, and D do not accurately describe the role of consideration in a contract.

Consideration Is the Element of a Contract That