Multiple choice

What each party exchanges must have ______________ value.

  1. Economic

  2. Legal

  3. Measurable

  4. No value is required
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

For a contract to be enforceable, the consideration exchanged by each party must have legal value, meaning it must represent a legal benefit to the promisor or a legal detriment to the promisee. It does not need to have economic or measurable market value, as parties are free to contract for things of purely personal or subjective worth.

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