Consideration must exist in:

Question

Quizplus · Accepted Answer

Consideration is a requirement for the formation of simple contracts, where something of value must be exchanged between the parties. Domestic arrangements typically do not require consideration to be legally binding, as they are often agreements within a family context not intended to create legal relations. Deeds, on the other hand, do not require consideration because they are formal legal documents that are signed, witnessed, and delivered to create a commitment.

Consideration Must Exist In