The basics of consideration include the following elements:
- Legal Sufficiency
- Bargained for exchange.
What is consideration?
Consideration is a promise to act, exchange, or do something which the law does not obligate but an agreement creates.
For something to be regarded as a consideration, it must have legal value and form part of the exchange contract.
Thus, a thing or action does not qualify as a consideration if it lacks legal value (legal sufficiency) or does not form part of the contract (bargained for exchange).
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