Which of the following is the key ingredient that must be present in order to distinguish a legally enforceable promise from one that is legally unenforceable?

Question

Quizplus · Accepted Answer

Consideration is the key ingredient that distinguishes a legally enforceable promise from one that is legally unenforceable. Consideration refers to something of value that is exchanged between the parties to a contract. This can be money, goods, services, or a promise not to do something. Without consideration, a promise is generally not legally binding. Acceptance is important in forming a contract, but it alone does not make a promise legally enforceable. Formalization refers to the process of putting a contract in writing, but it does not necessarily make a promise legally enforceable. Revocation refers to the act of canceling or withdrawing a promise, but it does not affect the enforceability of a promise that has already been made.

Which of the Following Is the Key Ingredient That Must