Chapter 3

CONSIDERATION

ChapterScope

This chapter describes the next important element to look for after you have identified a valid offer and acceptance: consideration. In brief, consideration is a “bargained-for-exchange for something of legal value.”

• Consideration is required: If either party to a contract has not given consideration, the agreement is unenforceable unless it falls under one of the exceptions covered in the next chapter.
• Definition of consideration: A promise is supported by consideration if two requirements are met:

Please Login or Register to view full content.