Use the information below to answer this question. Aisha sold her wristwatch to Halima for #2,000.00 and she paid. The sum of #2,000.00 is the

Use the information below to answer this question.
Aisha sold her wristwatch to Halima for #2,000.00 and she paid. The sum of #2,000.00 is the

Answer Details

The sum of #2,000.00 in the transaction between Aisha and Halima is referred to as the consideration. In contracts and transactions, particularly in legal terms, a consideration is something of value that is exchanged between parties involved in an agreement. It can be in the form of money, goods, services, or a promise to act or refrain from acting. In this case, Halima paid Aisha #2,000.00 as a consideration for the wristwatch. This makes the transaction a valid contract where the consideration is the monetary amount exchanged for the wristwatch.