In effect, the requirement of consideration requires a promisee to pay the "price" the promisor asked for in order to gain the right to enforce the promisor's promise.

Question

Quizplus · Accepted Answer

This statement is true. Consideration refers to something of value given by the promisee to the promisor in exchange for the promisor's promise. It is a necessary element for the formation of a contract and provides the basis for the enforceability of the promise. The promisee must pay the price or provide something else of value as consideration to gain the right to enforce the promise made by the promisor.

In Effect, the Requirement of Consideration Requires a Promisee to Pay