Question

The promises exchanged by the parties to a contract, either to give up something of value they have a legal right to keep, such as money or property; to do something they are not otherwise legally required to do, such as performing a service; or to refrain from an action is known as?

Answer 1

Answer: Considerations

Explanation:

Considerations is defined as the promise that is being exchanged between the parties in contract as a promiser and promisee. Through this term, both the parties receive benefit from the value e.g.-money , property etc. Benefit bargains is the major cause for formation of such type of contract.

This contract is thus based on exchange of one consideration with the other consideration.