Please explain the purpose of consideration and why this element is necessary for contracts.

Response to Students’ Posts

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The general rule is that each contract must meet the requirement of having consideration. This means that each party must give something of value and there must be a bargained for exchange. Before responding to this week’s discussion board, please read Chapter 12 and the chapter overview. Please reply to two students, demonstrating that you have read their posts.

In a new thread, please answer the following questions:

1. Please explain the purpose of consideration and why this element is necessary for contracts. Please reference a case in Chapter 12 to support your explanation.

2. Do you think that the items exchanged should be of equivalent value? Please discuss.

Additionally, please also be sure to stay on topic and limit your discussion to only the questions posed. Please conduct yourself in the discussion board as you would in a professional, business environment. The Language should be appropriate for a professional context.

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