Asked by
Celeste Trujillo
on Nov 11, 2024
Verified
For the requirement of consideration to be satisfied, at least one of the parties must have performed what they promised.
Consideration
Something of value exchanged between parties in a contract, which is necessary for the agreement to be legally binding.
Promised
Something assured by one party to another, often relating to an action, service, or condition that will take place in the future.
- Understand the importance of consideration for the enforceability of a contract and the legitimate forms of consideration.
Verified Answer
JR
Learning Objectives
- Understand the importance of consideration for the enforceability of a contract and the legitimate forms of consideration.