A promise of an act by one party in exchange for the promise of an act by another is an example of:
A) a void contract.
B) a valid offer and acceptance.
C) valid consideration.
D) a voidable contract.

Question

Quizplus · Accepted Answer

This scenario describes a valid consideration, which is one of the essential elements of a valid contract. Consideration refers to something of value promised or exchanged by both parties, making the agreement legally binding. The other options are not applicable, as there is no indication of the contract being void or voidable, and there is no mention of the offer and acceptance process.

A Promise of an Act by One Party in Exchange