MANAGEMENT

Detailed explanation-1: -Consideration is the value that induces the parties to enter into the contract. The existence of consideration distinguishes a contract from a gift. A gift is a voluntary and gratuitous transfer of property from one person to another, without something of value promised in return.

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: -PROMISE: An engagement by which the promisor contracts towards another to perform or do something to the advantage of the latter. When a promise is reduced to the form of a written agreement under seal, it is called a covenant.

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: -Valuable consideration can include money, work, performance, assets, a promise or abstaining from an act.