In the context of contract law, 'consideration' is defined as:

Question

Quizplus · Accepted Answer

Consideration refers to the price or value paid by each party to a contract in exchange for the other party's promise or performance. It can be in the form of money, goods, services, or even a promise to do something in the future. The concept of consideration is essential in determining the validity and enforceability of a contract. Choices A and C do not reflect the correct definition of consideration, while choice B is too narrow, as consideration is not necessarily limited to monetary value.

In the Context of Contract Law, 'Consideration' Is Defined As