Question

What element of a contract refers to both parties receiving some measurable benefit?
a) consideration
b) capacity
c) consent
d) legality

Answer 1

The consideration element is the correct answer.

The exchange of the value is called consideration. The exchange of money is known as value for anything such as services/property, exchange of property, or services.

There are many types of considerations that are given below:

• a promise.
• an act other than a promise,
• forbearance,
• money,
• a small change in a legal connection between the parties,
• other property.

The four important elements of a contract are given below:

• Offer & Acceptance,
• Consideration,
• Legal Capacity,
• Legality.

If any of the given elements is missing then the contract is voided, and the parties released from the agreement.

Learn more about the contract: https://brainly.com/question/18635207

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