What is consideration and what are the two basic elements of consideration?
Consideration is the inducement, price, or promise that causes a person to enter into a contract and forms the basis for the parties' exchange. Contracts must be a two-way street. If one side gets all the benefit and the other side gets nothing, then an agreement lacks consideration and is not an enforceable contract. Consideration is proof that the parties intended to be bound to their promises. There are two basic elements of consideration: value and bargained-for exchange.
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Fill in the blank(s) with the appropriate word(s).
Writers should follow the personal-business letter format when writing congratulations letters to employees of the same company
Indicate whether the statement is true or false
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