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Consideration, an essential element in the formation of a valid contract, may be identified as:

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Consideration, an essential element in the formation of a valid contract, may be identified as:
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Solution 1

Consideration in a contract refers to something of value that is promised to another when making a contract. It can be anything that someone might want to bargain for in exchange for a promise. This can include goods, services, money, or even a promise to do or not do something.

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