ConsiderationFor any contract, minor or major, the element of consideration must be present. Consideration is one of the most critical elements and consists of the exchange of a good or service where each party has given up something of value in return for something of value. For consideration to be present in a contract it must be definite and possible to carry out. It must come from the person who wishes to enforce the contract. Finally Good consideration that is offered presently must not be based on past performance. (Green, 2013)
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