Which statement best explains the requirement that "contracts must be supported by mutual consideration"?
A) There must always be at least two parties to a contract.
B) Contracts require that the parties treat each other fairly.
C) A contract involves a bargain or exchange between the parties.
D) Contracts must be in writing to be enforceable.

Question

Quizplus · Accepted Answer

Mutual consideration refers to the concept that each party to a contract must agree to give up something of value (consideration) in exchange for receiving something of value from the other party. This exchange or bargain is a fundamental element of a valid contract.

Which Statement Best Explains the Requirement That "Contracts Must Be