The general rule is that each contract must meet the requirement of having consideration. This means that each party must give something of value and there must be a bargained for exchange. Before responding to this week’s discussion board, please read Chapter 12 and the chapter overview.

In a new thread, please answer the following questions:

1. Please explain the purpose of consideration and why this element is necessary for contracts. Please reference a case in Chapter 12 to support your explanation.

2. Do you think that the items exchanged should be of equivalent value? Please discuss.