BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Legal value is found in
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the exhange of two benefits
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the exchange of two detriments
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the exchange of a befit for detriments
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all the these
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Explanation:
Detailed explanation-1: -Legal value means the value found in a record which contains proof of enforceable rights, obligations or other legal standing.
Detailed explanation-2: -Types: Consideration could be a promise, performance, forbearance, or property with legal value, but the economic benefit is not required.
Detailed explanation-3: -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.
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