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 these

Question

Quizplus · Accepted Answer

Consideration in a contract is when both parties exchange something of value, such as money, goods, or services. It is a necessary component for a contract to be legally binding. Therefore, options A (evidence of agreement) and B (polite exchange of information) are not sufficient to constitute consideration. Option D (none of these) is incorrect because option C (the exchange of something of value) is the correct answer.

Consideration in a Contract Entails ___________