The requirement that each party to a contract must intentionally exchange something of value as an inducement to the other party to make a return exchange is known as:
A) mutual assent.
B) consideration.
C) legality of object.
D) contractual capacity.

Question

Quizplus · Accepted Answer

Consideration is the legal concept that requires each party in a contract to exchange something of value as an incentive for the other party to enter into the agreement. It is a fundamental element that must be present for a contract to be legally enforceable.

The Requirement That Each Party to a Contract Must Intentionally