JAMB Commerce 1999 Question 40

Question 40

Law of Contract

In every simple contract, the price which is paid to purchase a promise is called

  1. A.offeree
  2. B.acceptance
  3. C.consideration
  4. D.representation.
Show the answer and explanation

Answer: C (consideration)

Explanation

Consideration is what each party gives in return for the other's promise.