Question

Consideration can best be described as:

a. Something of legal value.
b. What is received in a contract.
c. A promise.
d. A counteroffer.
e. A signature on a contract.

Answer 1

Consideration in contract law is described as something of legal value given in exchange for a promise, which makes a contract legally binding.

Step-by-step explanation:

Consideration is a fundamental concept in contract law that can best be described as something of legal value that is given in exchange for a promise, which can be in the form of a benefit to the party who makes the promise or a detriment or forbearance suffered by the one receiving the promise. It is what binds the parties legally in a contract, making the agreement enforceable in a court of law. To illustrate, if person A promises to sell a car to person B for $5,000, the car is the consideration for person B, and the $5,000 is the consideration for person A. Therefore, option a. Something of legal value is the most appropriate answer.