Answer:
In determining whether the consideration requirement to form a contract has been satisfied, the consideration exchanged by the parties to the contract must be:
b. Legally sufficient.
A contract without consideration can be voided because it would not legally enforceable, as it must involve something valuable, curency, property, payment of money, some kind of act, a refrain or a promise from doing a legal act, for each party to provide to the other party as accorded by the contract specifics.
Explanation:
a. Exchanged simultaneously by the parties:
A promise from one party against the promise of the other party, is necessary for a consideration to be valid, but not necessarily to be exchanged simultaneously, it could be agreed to be done at some point of the events.
d. Of approximately equal value.
Elements of consideration in business law include items of value, not necessarily of approximately the equal value, offered by each of the parties involved in a contract to the other.
c. Fair and reasonable under the circumstances.
Although fair and reasonable under certain circumstances, a contract can turn into unenforceable because of those same circumstances regarding its signing, its terms and conditions, and events that happen after the signing made the contract not able to enforced by the courts.
