What is consideration in a contract?

Consideration is an important part of a contract in Mississippi. Consideration is something of value which must be exchanged in order for there to be a contract. It can be a promise to do something, or a promise not to do something, and it can be money, property, or services. The basic idea of consideration is that something must be exchanged between the parties in order for the contract to be valid. Consideration is what makes a contract legally binding. It is seen as the “bargained-for exchange” in a contract, and it must be given in exchange for something of value. When a person makes a promise, they must receive something of value in return for that promise. Without consideration, a promise is not legally binding and therefore unenforceable. In Mississippi, consideration must meet certain requirements. It must be of value, determined by the court, and not illegal or unlawful. Consideration must also be given at the time of the contract signing, or the contract will be void. Consideration is an important part of contract law. Without consideration, there is not an enforceable contract. Consideration is the exchange of something of value between two or more parties in order to make the contract legally binding. In Mississippi, consideration must meet certain requirements for it to be considered a valid contract.

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