Consideration in a contract entails ________.
A) evidence that both parties agree to the terms as offered
B) a polite exchange of information
C) the exchange of something of value between the parties to the contract
D) none of the above

Question

Quizplus · Accepted Answer

Consideration in a contract refers to the exchange of something of value between parties to the contract, such as money, goods, or services. This exchange is what gives each party an incentive to fulfill their obligations under the contract. A and B are incorrect because agreement and polite exchange of information are aspects of contract formation, but not specifically related to consideration. D is incorrect because consideration is a fundamental requirement for a contract to be enforceable.

Consideration in a Contract Entails ________