Final answer:
Consideration in contract law is about the exchange of something of value between parties. It is necessary for a binding contract and can take different forms, not necessarily just explicit promises or acts.
Step-by-step explanation:
Consideration is a fundamental concept in contract law that refers to something of value that is exchanged between parties to a contract. This exchange is what creates the mutual obligation necessary for a contract to be binding. Consideration can take various forms, such as money, services, or even a promise to refrain from taking a certain action. It is one of the key elements that must be present for a contract to be enforceable. Options for Consideration Consideration exists only if a legal contract is involved. This statement is partially true; a legal contract does involve consideration, but consideration can exist outside of legal contracts as well. Applying Ross's prima facie duties, in the context of contract law, the duty of fidelity resonates with the concept of consideration as keeping promises is integral to the formation of a valid contract.