The mere promise to give consideration for some benefit to be received in return is sufficient consideration to make a contract.

Question

Quizplus · Accepted Answer

This statement is true. The promise to give consideration, even if it has not yet been provided, is enough to form a binding contract. Consideration is an essential element of a contract, and it refers to something of value exchanged between the parties involved. This can include goods, services, money, or even a promise to do something in the future. As long as there is mutual benefit and a meeting of the minds between the parties, a contract can be formed.

The Mere Promise to Give Consideration for Some Benefit to Be