Question

Define Consideration with its various types.​

Answer 1

Answer:

The term consideration is used in the sense of quid proquo (Something in return). Thus, consideration is the price for which the promise of other is bought. Consideration must result in a benefit to the promisor, and a detriment or loss to the promisee, or a detriment to both.

Answer 2

Answer:

Consideration is the price for which the promise of the other is bought, and the promise thus given for value is enforceable.

Explanation:

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