Introduction To Business Law: Lecture 3: Consideration and Contingent Contracts
Introduction To Business Law: Lecture 3: Consideration and Contingent Contracts
the transaction. To put it simply, consideration constitutes the benefit that you
receive from making the contract.
It is a vital element in the law of contracts, consideration is a benefit which
must be bargained for between the parties, and is the essential reason for a
party entering into a contract.
It is exchanged for the performance or promise of performance by the other