Consideration Discussion

The general rule is that each contract must meet the requirement of having consideration. This means that each party must give something of value and there must be a bargained for exchange.
In a new thread, please answer the following questions:

1. Please explain the purpose of consideration and why this element is necessary for contracts. Please reference a case in Chapter 12 to support your explanation.

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2. Do you think that the items exchanged should be of equivalent value?

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