BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -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-2: -Answer and Explanation: C. The consideration must be contemporaneous and a part of both parties’ understanding of the contract terms.

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: -What Is Consideration? Consideration is the benefit that each party gets or expects to get from the contractual deal–for example, Victoria’s Secret gets your money; you get the cashmere robe.

Detailed explanation-5: -Exchange Of Consideration Definition An exchange of consideration is an agreement between two parties to enter into a contract, in which each party agrees to give something of value to the other party in return for something else of value.