Braxton questions whether there is consideration for his contract with Tawny to exchange his accounting services for her payment of a certain amount.To constitute consideration,there must be
A)a payment of money.
B)a performance of services.
C)a bargained-for exchange.
D)detrimental reliance.

Question

Quizplus · Accepted Answer

Consideration requires a bargained-for exchange between the parties. In this case, Braxton and Tawny have agreed to exchange accounting services for payment, which satisfies the requirement of consideration. Payment of money or performance of services alone do not necessarily constitute consideration, as they must be part of a mutually agreed-upon exchange. Detrimental reliance is not relevant to consideration.

Braxton Questions Whether There Is Consideration for His Contract with Tawny