BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Generally, if an agreement lacks consideration, neither party can enforce it, even if it is in writing. Stating it positively, the concept of consideration requires that both parties to a contract shall have given and have received something as the “price” of their respective promises.

Detailed explanation-2: -Consideration is something of value exchanged between the parties to a contract. Consideration can be many things such as money, property, service, work performance, or a promise to not do something. As long as the parties to the contract exchange something of value between each other, there is consideration.

Detailed explanation-3: -Consideration is a promise, performance, or forbearance bargained by a promisor in exchange for their promise. Consideration is the main element of a contract. Without consideration by both parties, a contract cannot be enforceable.

Detailed explanation-4: -A bilateral contract is an agreement between two parties in which each side agrees to fulfill their side of the bargain. Typically, bilateral contracts involve an equal obligation or consideration from the offeror and the offeree, although this need not always be the case.

Detailed explanation-5: -There are four types of mutual consideration: quid pro quo, tit for tat, win-win, and lose-lose. Each type has its own pros and cons. Quid pro quo is the most common type of mutual consideration. It is when each party involved gets something in return for what they give.