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"A Valid Contract Involves Each Party Giving Something of Value

question 419

Multiple Choice

"A valid contract involves each party giving something of value. This exchange of value, or consideration, may take the form of money, action, or promise. For insurance contracts, the insured's consideration is the payment or premiums and a promise to fulfill the conditions of the contracts, and the insurer's consideration is the promise to pay after a loss occurs." This is related to an element in an insurance policy contract. It is known as:

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Definitions:

Transitional Species

Fossilized organisms that exhibit traits common to both their ancestral group and its descendants, providing evidence for evolutionary change.

Fossil Record

The collection of all known fossils and their placement in rock formations and sedimentary layers, providing evidence of the history of life on Earth.

Species Diversity

The variety and abundance of different species within a given ecological community.

Australopithecines

A group of extinct hominids that lived in Africa from about 4 to 2 million years ago, known for walking upright and for being possible ancestors of modern humans.