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Final Exam (BCOR 2301) 2023 Questions and Answers
Final Exam (BCOR 2301) 2023 Questions and Answers 
 
Consideration 
The value given in return for a promise or performance in a contractual agreement. 
 
1. Something of LEGALLY SUFFICIENT VALUE must be given in exchange for the promise. 
 
2. There must be a BARGAINED-FOR-EXCHANGE. 
Legal Sufficient Value 
Something of value in the eyes of the law; may be: 
 
- Promise [to do something] 
e.g. pay supplier upon receiving goods 
 
- Performance [of an action otherwise not obligated to] 
e.g. prov...