Question

discuss the inter-related issues that are conveniently used to determine whether parties indeed struck a bargain or entered into a legally enforceable relationship​

Answer 1

Explanation:

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Answer 2

Answer:

Consideration in Contracts Defined

The legal definition of consideration is based on the concept of a “bargained-for exchange.” This means that both parties are getting something that they’ve agreed to, usually something of value for something of value.

Say, for example, that your neighbor admires your bicycle. You know you are moving soon, so you offer (an “offer” is an element of a contract) to sell it to her for $100 (consideration). She accepts your offer (acceptance is also an element of a contract), but can’t pay you until she goes to the bank. So, you scribble a quick note describing both of your intentions to enter into this agreement and hand her a copy of the note. You now have an enforceable contract because the elements of a contract are in place, including this “bargained-for” exchange.