In order to meet the consideration requirement,the legal detriment suffered by each party must have been given in exchange for that of the other party.

Question

Quizplus · Accepted Answer

Consideration is the exchange of something of value between parties to a contract. To meet the consideration requirement, both parties must suffer a legal detriment and that detriment must be given in exchange for the other party's detriment. This is referred to as the "bargain-for-exchange" principle. Therefore, the statement is true.

In Order to Meet the Consideration Requirement,the Legal Detriment Suffered