BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -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-2: -Consideration-Something of value was promised in exchange for the specified action or nonaction. This can take the form of a significant expenditure of money or effort, a promise to perform some service, an agreement not to do something, or reliance on the promise.

Detailed explanation-3: -A contract where the parties exchange a promise for a promise is known as a Bilateral Contract, whereas a contract where one party gives a promise and the other party performs an act is known as a Unilateral Contract. These legally enforceable promises may be in writing or oral.

Detailed explanation-4: -A consideration is a legal term used to describe the exchange of something of value for something else or for a service. A consideration does not have to be money. The other important factor regarding considerations is that you do not have to meet someone else’s standard of value.