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    1) Consideration is a key element for a valid contract. It involves something of value provided by each party to induce the other's promise or performance under the contract. 2) Consideration does not need to be adequate or equivalent in economic value between the parties. As long as each party provides some legal benefit to the other, a contract supported by consideration is generally valid and enforceable. 3) For consideration to support a contract, it must involve a bargained-for exchange between the parties and something of value given in return for a promise. Mere promises without an exchange of value or benefit are generally not enforceable.

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    1) Consideration is a key element for a valid contract. It involves something of value provided by each party to induce the other's promise or performance under the contract. 2) Consideration does not need to be adequate or equivalent in economic value between the parties. As long as each party provides some legal benefit to the other, a contract supported by consideration is generally valid and enforceable. 3) For consideration to support a contract, it must involve a bargained-for exchange between the parties and something of value given in return for a promise. Mere promises without an exchange of value or benefit are generally not enforceable.

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    © All Rights Reserved
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    5 views7 pages

    Adobe Scan 10 Oct 2023

    Uploaded by

    rashichaudhary1103
    1) Consideration is a key element for a valid contract. It involves something of value provided by each party to induce the other's promise or performance under the contract. 2) Consideration does not need to be adequate or equivalent in economic value between the parties. As long as each party provides some legal benefit to the other, a contract supported by consideration is generally valid and enforceable. 3) For consideration to support a contract, it must involve a bargained-for exchange between the parties and something of value given in return for a promise. Mere promises without an exchange of value or benefit are generally not enforceable.

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