Consideration
Consideration in contract law refers to something of value that is exchanged between parties when forming a contract. It can be money, services, or a promise to do (or not do) something. For a contract to be valid, each party must offer consideration that the other party agrees to accept. This ensures that both sides have a stake in the agreement, making it more than a mere promise. In essence, consideration is the foundation of any contractual deal, demonstrating mutual benefit and commitment.
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Consideration, in a general knowledge context, refers to something of value that is exchanged between parties in an agreement or contract. It can be money, services, goods, or a promise to do something or refrain from doing something. Consideration is essential for a contract to be legally binding, as it demonstrates that both parties have made a commitment. Essentially, it's the "what you give" and "what you get" in an agreement, ensuring that both sides have a stake in fulfilling the contract.