What Is The Importance Of A Consideration In A Contract?
Consideration can be anything which has a value( monetory or non-monetory) according to the law. Without consideration the contract is incomplete.
Without it, the contract is not legally binding.
What you give up in the deal for what you get out of the deal.
What you give up in the deal for what you get out of the deal.
Consideration or exchange of value is a very important part of a contract. Some people even say that there is no contract if there is no consideration.
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Read the answer here for more details:
iq.lycos.co.uk
Or read the argument here to have an idea:
answers.yahoo.com