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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 ________. Group of answer choices accord and satisfaction novation collusion consideration reversion

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The suffering of a legal detriment is  consideration.

What is consideration explain with example?

  • The term "consideration" refers to anything of value that is promised by one party to the other when entering into a contract.
  • For instance, if A forms a contract with B to purchase a car from B for $5,000, A's consideration is the $5,000, and B's consideration is the car.

What is a consideration in business?

  • Consideration in business can signify one of two things.
  • Either it is the same as payment, or it is a contractual exchange of promises made by both parties to benefit from the agreement.
  • The definition we will be talking about today is the second one.
  • In this sense, consideration must have actual worth.

What is consideration and its type?

  • Consideration is divided into two categories When the promise has not been fulfilled when it should have been within the parameters of the contract.

Learn more about consideration here:

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