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In Consideration of Being Allowed to Participate in the Section Form

In Consideration of Being Allowed to Participate in the Section Form

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>> This module focuses on consideration. As we discussed on module 2, Restatement section 17 says that in order for there to be an enforceable contract, there must be a bargain in which there is a manifestation of mutual assent to the exchange and a consideration. In this unit, we are going to look at the concept of consideration. Section 71, subsections 1 and 2, give us the definition of consideration. In other words, consideration for a promise is the thing or action that the promisor wants in exchange for his willingness to make a promise. The Latin phrase for this is "quid pro quo," which translates as "this for that." Understand that in almost all commercial contracts, consideration is not an issue. Almost all commercial contracts involve a promise to pay money in exchange for a promise to provide goods or services, or both. So if I promise to sell you my bike for $300, the consideration for my promise to sell my bike to you is you

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