Pavers, Inc., contracts with a QuikStop store to repave the store's parking lot for a certain price. The requirements of this, and any other, contract include
A) consideration.
B) acceptability.
C) achievability.
D) practicality.

Question

Pavers, Inc., contracts with a QuikStop store to repave the store's parking lot for a certain price. The requirements of this, and any other, contract include
A) ​consideration.
B) ​acceptability.
C) ​achievability.
D) ​practicality.

Quizplus · Accepted Answer

Consideration is a necessary element of a contract, which refers to something of value that is exchanged between the parties in a contract. In this case, the price agreed upon for the repaving of the parking lot is the consideration. B, C, and D are important factors in a contract, but they do not relate specifically to the requirement of consideration.