Under common law, consideration is _____.
A) required to discharge a breaching party
B) not required for modification of a sales contract made in good faith
C) not required if one party wants to forgive another's breach by written waiver
D) not required for a "firm offer"
E) required if a contract is modified or terminated by the mere agreement of the parties

Question

Quizplus · Accepted Answer

Under common law, consideration is required to discharge a breaching party. Consideration is defined as something of value given or promised by one party to another in exchange for something else of value. Therefore, if one party breaches a contract, they may be discharged from their obligation only if they provide consideration to the other party.

Under Common Law, Consideration Is _____