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?

Question

Social Studies

Clara Hanna

11 August, 00:58

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?

+4

Answers (1)

Know the Answer?

Shania Pennington · 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.