Question

The term consideration used in regards to a contract means

Answer 1

Answer:

something of value must be given by party.

Explanation:

In the contract agreements, the term consideration means something of value offered by one part in exchange for other goods, services, or promises. In most cases, consideration is in monetary form, although money is not the only valuable item acceptable as consideration. Consideration is the benefit that one enjoys by fulfilling their obligation in a contract.

For contacts to be valid, there must be a consideration. Only lawful valuable can be considered as consideration.