BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Consideration means something in return; it is the price for which the promise of the other is bought. It must result in a benefit to the promisor and/or a detriment to the promisee or both.

Detailed explanation-2: -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-3: -A consideration is : Consideration is an act or abstinence for promise done at the desire of the promisor, by the promisee or any other person. Hence, option (c) is the correct answer.

Detailed explanation-4: -consideration, in contract law, an inducement given to enter into a contract that is sufficient to render the promise enforceable in the courts. The technical requirement is either a detriment incurred by the person making the promise or a benefit received by the other person.

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.