The reward received by a party in a contract agreement is known as

Assessment: WAEC SSCE - Commerce - 2011 (Objective) Subject: Commerce

Question 1 Report

The reward received by a party in a contract agreement is known as

Answer Details
The reward received by a party in a contract agreement is known as "consideration". Consideration is the exchange of something of value, such as money or services, between parties in a contract. It is an essential element of a contract as it indicates that both parties have something to gain from the agreement and that they are entering into it willingly. The consideration must be sufficient but need not be of equal value to what is being offered by the other party. In other words, each party must give something of value to the other in order for the contract to be valid.
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