Question

A contract is not considered valid unless consideration is involved. This is due to the idea that a person:

Answer 1

A contract is not considered valid unless consideration is involved. Consideration refers to something of value that is exchanged between the parties involved in a contract.

Step-by-step explanation:

A contract is not considered valid unless consideration is involved. Consideration refers to something of value that is exchanged between the parties involved in a contract. It can be money, services, goods, or even a promise to do or not do something. Without consideration, there is no mutual exchange of benefits and obligations, which is essential for a valid contract.

For example, let's say John agrees to sell his car to Sarah for $10,000. In this scenario, the consideration is the $10,000 payment from Sarah and the transfer of ownership of the car from John. Both parties are providing something of value to each other, which makes the contract valid.