I’m trying to study for my Business Law course and I need some help to understand this question.
Generally, contracts must meet the requirement of having consideration. This means that each party must exchange something of value and there must be a bargained for exchange. (Please see Chapter 12 and the chapter overview). In a new thread, please answer the following questions:
1. Do you agree that consideration should be a requirement for a valid contract. Why or why not?
2. Do you think that the value exchanged should be of equivalent value? Please explain.