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Priyangshu Saharia
on Nov 21, 2024

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Which of the following is a definition for consideration?

A) Being cordial in the negotiation of contracts.
B) Refraining from unethical behavior in the negotiation of contracts.
C) Being cordial and refraining from unethical behavior in the negotiation of contracts.
D) The bargained-for exchange.
E) A contract negotiated in person as opposed to by telephone or e-mail.

Consideration

Something of value exchanged between parties in a contract, making the agreement legal and binding.

Bargained-For Exchange

An element of contracts where both parties agree to provide something of value to the other.

Negotiation of Contracts

The process of discussing terms and details between parties in order to reach a mutual agreement before finalizing a contract.

  • Recognize the crucial ingredients required for the constitution of a legally binding contract.
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JK
James kellyNov 27, 2024
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