Consideration
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Consideration in contract law refers to the exchange of value that forms the basis of a contractual agreement. For a contract to be enforceable, each party must provide something of value, whether it be a tangible item, a service, a promise, or the forbearance of a right. Learn more about consideration in this article.
Learning Objectives
After reading this chapter, you should understand the following:
- What "consideration" is in contract law, what it is not, and what purposes it serves
- How the sufficiency of consideration is determined
- In what common situations an understanding of consideration is important
- What promises are enforceable without consideration
This text was adapted by Saylor Academy under a Creative Commons Attribution-NonCommercial-ShareAlike 3.0 License without attribution as requested by the work's original creator or licensor.