NALA ACP Contracts Practice Questions - NALA Advanced Certified Paralegal - Contract Management Exam

Which of the following best describes the legal requirement of 'consideration' in contract formation?

A signed and notarized writing A bargained-for exchange of legal value between the parties The motive or reason a party enters the contract A promise to act in good faith

Correct Answer:

A bargained-for exchange of legal value between the parties

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