The legal mechanism for evaluating the existence of an incentive for a person's promise to establish a binding contract and acts as a receipt of a legal benefit or the suffering of a legal detriment is ________.

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06-12-2017
Business

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The legal mechanism for evaluating the existence of an incentive for a person's promise to establish a binding contract and acts as a receipt of a legal benefit or the suffering of a legal detriment is ________.

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ahmedishaal ahmedishaal · Answer 1 · 2017-12-16T16:40:32+01:00

The answer is "the suffering of a legal detriment is consideration".

Considerations essentialy have incentive or inducement for a person’s promise or it is not necessary and courts will not impose promises unless they are reinforced by considerations

The consideration in a contract must be simultaneous and also a part of both parties so that both parties fully understand the terms related to the contract.