Question

The requirement that consideration be bargained-for means that:

a. The consideration in a contract must be exchanged simultaneously.
b. The values of the consideration cannot be greatly different between parties.
c. The inducement for each party to give consideration was the consideration of the other party.
d. One party determines the consideration to be given by each party.

Answer 1

Consideration being bargained-for means that each party's consideration is an inducement for the other party's consideration, which is essential for the enforcement of contracts and economic growth.

Step-by-step explanation:

The requirement that consideration be bargained-for in a contract means that: c. The inducement for each party to give consideration was the consideration of the other party. In other words, what each party receives (the consideration) must be the result of a mutual agreement where each party's consideration has been offered as an inducement for the other party's consideration. This is a foundational principle in contract law that facilitates the willingness of parties to enter into agreements, knowing that the legal system enforces such exchanges, thereby supporting economic growth and the ability to transact business efficiently.