When Oliver Wendell Holmes said,"It is the essence of a consideration that,by the terms of the agreement,it is given and accepted as the motive or inducement of the promise," he was referring to:
A)Moral obligations
B)Bargained-for exchange
C)Nominal consideration
D)Past consideration

Question

Quizplus · Accepted Answer

The promisee's act or promise must have been bargained for and given in exchange for the promisor's promise.In effect,it must be the price that the promisor asked for in exchange for making his promise.Over a hundred years ago,Oliver Wendell Holmes,one of our most renowned jurists,expressed this idea when he said,"It is the essence of a consideration that,by the terms of the agreement,it is given and accepted as the motive or inducement of the promise."

When Oliver Wendell Holmes Said,"It Is the Essence of a Consideration