Rose questions whether there is consideration for her contract to perform with Saxophone Symphony. To constitute consideration, there must be
A) a payment.
B) a performance.
C) a bargained-for exchange.
D) serious thought underlying each party's intent to contract.

Question

Rose questions whether there is consideration for her contract to perform with Saxophone Symphony. To constitute consideration, there must be​
A) ​a payment.
B) ​a performance.
C) ​a bargained-for exchange.
D) ​serious thought underlying each party's intent to contract.

Quizplus · Accepted Answer

Consideration requires a bargained-for exchange, which means that each party must give something of value or incur some legal detriment in exchange for the other party's promise. Choice A (a payment) is one possible form of consideration, but it is not necessary for consideration to exist. Choice B (a performance) is also one possible form of consideration, but again, it is not necessary for consideration to exist. Choice D (serious thought underlying each party's intent to contract) is not a requirement for consideration; rather, it relates to the parties' capacity to contract.

Rose Questions Whether There Is Consideration for Her Contract to Perform