In contract law,the "thing of value" that each party gives to the other is the:

Question

Quizplus · Accepted Answer

Consideration is the legal term for the exchange of something of value in order to form a contract. It is what each party gives to the other to make the contract enforceable. A contract without consideration is not enforceable in court. The offer and acceptance create the agreement or mutual assent, but consideration is what makes it legally binding. Therefore, option C is the correct answer. Option A is incorrect because an offer is only one part of the formation of a contract. Option B is incorrect because acceptance is also just a part of the agreement, not the binding element. Option D is incorrect because there is no such legal term as "binding element" in contract law.

In Contract Law,the "Thing of Value" That Each Party Gives