The second element of a contract is the consideration, which is defined as the bargained-for exchange. Another way to think of the consideration is that it is what each party gets in exchange for his or her promise under the contract. Consideration is further discussed in Chapter 10.
CONCEPT REVIEW: Before beginning the interactive, review LO1 on page 174. Recall that a legally binding contract requires four elements: offer, acceptance, capacity, and legal object. Case: Read the case below and discuss the question . Mr. Barnard is a landlord who has a house to rent. A college student, Julie, saw the sign […]
