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Frank offers to buy a guitar owned by holly for twice what she paid for it. she accepts and hands the guitar to frank. holly's delivery of the guitar is consideration
What is consideration in business?
In business, consideration means one of two things. It's either synonymous with compensation, or it is a contractual exchange of mutual promises that benefit both parties in a contract. That second definition is the one we are discussing today. Consideration in this sense has to have tangible value.
A Consideration may be:
- Executory Consideration
- Future Consideration
- Executed Consideration
- Present Consideration
- Past Consideration.
A reason for doing something based on natural affection, generosity, love, or moral duty. This reason is insufficient to judge a commercial contract or promise enforceable as it lacks valid, valuable, and legal basis for the reason.
Principles of consideration is that consideration is the price paid for promisor's promise; That the person who wants to enforce the promise must be the one who has paid for it – either the promisee or someone acting on their behalf; That the consideration does not have to be paid to the promisor.
To learn more about consideration from the given link
https://brainly.com/question/10157717
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