A contract is a meeting of the mind and can be validated by a handshake
A Contract Without Consideration Is Not Valid. Do You Agree With This Statement ?
Yes. A contract without consideration is NOT a contract. I don't know what Doug meant. But the reality of it is, one or both parties must give something of value up for a contract to be enforceable. For example, I tell my friend that I'm going to give them $500. They say "OK". Later, I decide not to give him the money... That is not a contract. In order for it to be a contract, my friend must do something to "their detriment"... Ie, consideration.
It can get more complex at other times, but that is the nuts and bolts of it.
It can get more complex at other times, but that is the nuts and bolts of it.
Absolutely! One element of a contract is consideration and this is one of the legal requirements for a valid contract. Absence of this element renders the contract "void ab initio".
You do need Consideration (money or monies worth) in order to form a legally binding Contract