BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -In contract law, the term consideration refers to the serious thought that underlies a party’s intent to enter into a contract. If a promise it made, it will be enforce. To be legally sufficient, consideration must be evidenced by something tangible.

Detailed explanation-2: -Buying a car by paying money is a valid contract. In a valid contract, the promise or obligation of each party must be supported by consideration (such as the payment of money, the delivery of goods, or the promise to do or refrain from doing some lawful future act) given by each party to the contract.

Detailed explanation-3: -The common contract scenarios that allow one or more party to void the contract include Fraud, Misrepresentation, Duress, Undue Influence, Mutual Mistake, or (in some cases) Unilateral Mistake.

Detailed explanation-4: -The basic elements required for the agreement to be a legally enforceable contract are: mutual assent, expressed by a valid offer and acceptance; adequate consideration; capacity; and legality. In some states, elements of consideration can be satisfied by a valid substitute.