BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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the benefits and detriments that make up consideraton must be legal
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doing what you have the right not to do
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refusing to enforce the entire contract
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markinga contract to indicate that is a formal agreement
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Detailed explanation-1: -First, there must be a bargain on the subject of the contract where both parties agree to a common understanding. Second, there must be a mutual exchange where each party in the contract gets something out of the contract. Lastly, the subject of the contract must be something of value.
Detailed explanation-2: -Elements of consideration in business law include items of value offered by each party of a contract to the other. Consideration can be currency or property, but it can also be a promise to either do or refrain from doing a legal act.
Detailed explanation-3: -Something such as an act, abstinence, or promise to do or abstain from doing something at the request or desire of the promisor by the promisee or any other person constitutes consideration for the promise. A valid Consideration needs to be significant, adequate, unconditional to be valid.