Quentin questions whether there is consideration for his contract with Rainey to exchange his performance with the Symphonic Saxophone Sextet for her payment of a certain amount.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

Quizplus · Accepted Answer

Consideration requires a bargained-for exchange, meaning both parties must have agreed to give something (payment or performance) in exchange for something else. The fact that Quentin questions whether there was consideration suggests that he may not have believed there was a true exchange or agreement between him and Rainey. Payment and performance (options A and B) are necessary components of consideration, but they alone do not guarantee that there was a true agreement between the parties. Option D (serious thought underlying each party's intent to contract) may be important, but it is not a necessary component of consideration.

Quentin Questions Whether There Is Consideration for His Contract with Rainey