Final answer:
The bargained-for exchange in a contract is known as consideration, which is essential for a legally binding agreement. It may involve a promise for a promise, a promise for an act, or an act for another act.
Step-by-step explanation:
The bargained-for exchange in a contract is the promise for a promise, the promise for an act, or the act for another act, and is commonly referred to as consideration. The promise might be a commitment to perform a service or pay an amount of money, while the act might involve delivering a product or fulfilling a service. In contract law, without consideration, a contract lacks the necessary binding element that gives it legal force. This is different from an offer, which is the proposal by one party to another to enter into a contract, and from acceptance, which is the agreement by the other party to the terms of the offer. Capacity refers to the legal ability of a party to enter into a contract.