The price, which may be in the form of money, a promise, or a performed act, is known as a consideration.
What is consideration?
- Consideration is the exchange of a promise for anything of value, usually in the form of commodities, cash, or an act, from the promisor to the promisee.
- Consideration is defined as giving someone or something careful thought, attention, or a sympathetic regard.
- A person choosing between two supper alternatives is an illustration of deliberation.
- Another illustration of consideration is when a friend of yours who recently had a baby is invited to dinner.
- The term "consideration" refers to anything of value that is promised by one party to the other when entering into a contract.
- For instance, if A forms a contract with B to purchase a car from B for $5,000, A's consideration is the $5,000, and B's consideration is the car.
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