Question

explain in simpler term Consideration refers to something of value exchanged between the parties. It can be a benefit to one party or a detriment to the other and is essential for a contract to be enforceable. Both parties must provide consideration unless the contract is made by deed, which is a formal legal document .

Answer 1

Consideration means something valuable that is given between two parties in a deal or contract. It can be a benefit for one person or a cost for the other. For a contract to be valid and enforceable, both sides must offer something of value. However, if the contract is made in a special way called a "deed," then it doesn't need this exchange of value.