BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Thus, consideration is a promise of something of value given by a promissor in exchange for something of value given by a promisee; and typically the thing of value is goods, money, or an act.

Detailed explanation-2: -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-3: -Agreement Defined; Bargain Defined. An agreement is a manifestation of mutual assent on the part of two or more persons. A bargain is an agreement to exchange promises or to exchange a promise for a performance or to exchange performances.

Detailed explanation-4: -A type of contract that arises when a promise is given in exchange for a return promise. An agreement that can be enforced in court; formed by two or more parties, each of whom agrees to perform or to refrain from performing some act no or in the future. A contract that has been completely performed by both parties.

Detailed explanation-5: -The something in return promise to perform an act or refrain from performing an act, or it could be the actual “doing” or “refraining from doing” an act. The underlying principle is that the promise is being enforced because the promisee paid a consideration or price for that promise.