Intermediate Financial Accounting II
Consideration refers to something of value that is exchanged between parties in a contract, which can take the form of money, services, or goods. It serves as the foundation for a legally binding agreement, ensuring that each party is providing something of value in return for what they receive. Without consideration, a contract may be deemed unenforceable, making it essential for establishing mutual obligations.
congrats on reading the definition of Consideration. now let's actually learn it.