consideration, bargained-for exchange, contract element, mutual obligations, legal detriment, binding agreement, valid contract, legal value, promise enforcement, contractual requirement

When you make a deal with someone, whether it’s buying a car or agreeing to mow your neighbor’s lawn for payment, you’re entering into a contract. But not every promise or agreement becomes a legally binding contract. One of the most important requirements for a valid contract is something lawyers call “consideration.” Understanding the Basics […]