One of the Requirements in a Contract Is That There

question 92

Essay

One of the requirements in a contract is that there be an exchange of consideration between the parties. Explain what is meant by consideration.

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Definitions:

Process Activities

The series of actions or steps taken in order to achieve a particular end in a process.

Resources

Assets, materials, or other items of value that can be used to produce goods and services or to achieve objectives.

Porter's Strategy

Refers to competitive strategies introduced by Michael Porter, including cost leadership, differentiation, and focus strategies aimed at gaining competitive advantage.

Competitive Advantage

An advantage over competitors in some measure such as cost, quality, or speed; leads to control of a market and to larger-than-average profits.