Consideration is factored as one of the core elements of a valid contract. The parties that enter into an agreement recognized as lawful must outline either party’s commitment in the form of service, monetary value or a promise to refrain to a particular action. By definition, consideration refers to the benefit that contractual parties expect from each other at the end of the contractual period (Eisenberg 1754). Consideration form the basis of a binding agreement since the involved parties must settle on a common ground that serves the essence of their relationship. In case the parties fail to Continue reading...