Consideration Is the Bargain for Exchange
Video Transcribed: What is consideration? I am Muskogee Attorney Eric Strocen. And I’m here to explain this important topic. I love contract topics. So I’m really excited about today’s video. Consideration, one of my favorite topics, is what we also know as the bargain for exchange.
You need consideration in order to have a valid contract, meaning you need a bargain for exchange. You need something of value traded for something of value in order to hold those parties to their individual obligation and promises within that contract.
Now that doesn’t always have to come in writing. It just so happens that having written is the most common and also one of the safer ways to enforce a promise because we can use it as evidence later if there is a breach. If you need help with contract issues, please reach out to us at themuskogeeattorney.com or come see us at the office in Muskogee.