Law

A legally binding contract is more than just an agreement between two parties; it must meet specific legal requirements to be enforceable. One of the most crucial elements that determine contract validity is consideration. In contract law and enforceability, consideration refers to something of value exchanged between parties, forming the basis of the agreement. Without consideration, most contracts would lack enforceability, leaving agreements open to disputes and legal challenges. This article explores the role of consideration in contract law and enforceability, its various types, exceptions, and significance in modern business agreements. Understanding Consideration in Contract Law Consideration is an essential element of any valid contract. It refers to the exchange of value, en...