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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:

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