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

Commerce
WAEC 2011

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

  • A. consideration
  • B. acceptance
  • C. offer
  • D. warranty
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Correct Answer: Option A
Explanation

 Consideration is a vital element in the law of contracts, consideration is a benefit which must be bargained for between the parties, and is the essential reason for a party entering into a contractpayment or money.


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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts