Susan offered to pay $500 for a ring that Daria has agreed to sell to her. Each woman has given consideration to the other for her promise.

Question

Quizplus · Accepted Answer

Consideration in a contract refers to something of value that each party agrees to give or do for the other. In this case, Susan's consideration is the $500 she has offered to pay, and Daria's consideration is the ring she has agreed to sell.

Susan Offered to Pay $500 for a Ring That Daria