Question

discuss the importance of consideration in a contract with example.​

Answer 1

Answer:

In a basic contract, if you pay money for an item at the store and receive the item, that is your consideration. In order to qualify as consideration, each party must change their position. Consideration usually results from: A promise to do something you aren't legally obligated to do.

Answer 2

Explanation:

In contract law, consideration is meant to be the exchange of one thing of value for another. It is one of the important elements that must be present for a contract to be legally enforceable. ... If there is no consideration for each party, the agreement is void.