What best describes consideration?

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Multiple Choice

What best describes consideration?

Consideration is the value that each party gives up or promises to give up in exchange for the other party’s promise or performance. It shows there is a bargain and moves a promise into a legally enforceable contract. The best description is that it is something of value exchanged between the parties. The signing of the contract or the formation date are not consideration; they are evidences or timing, while a promise to perform could be part of consideration but is not the definition on its own.

Consideration is the value that each party gives up or promises to give up in exchange for the other party’s promise or performance. It shows there is a bargain and moves a promise into a legally enforceable contract. The best description is that it is something of value exchanged between the parties. The signing of the contract or the formation date are not consideration; they are evidences or timing, while a promise to perform could be part of consideration but is not the definition on its own.

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