Consideration is the price paid for the promisor's promise and it also could be something or some actions carried out by the promisee in exchange of promises. In the case of simple contract, the present of valuable consideration is an essential element to form the enforceable contract. In other words, simple contracts must contain a bargain. There are two parties involved in consideration, one is promisee who is the person receiving or the recipient of …showed first 75 words of 2712 total…

…showed last 75 words of 2712 total…gt;Roger Miller Leroy, Gaylord A. Jentz, Roger Leroy Miller,Fundamentals of Business Law,2004, Thomson Learning ⑪<Tab/>Robert Baxt AO, Australian Business Law Review,2006, Lawbook Co Paul Reachards,Law of contract,5th edition,2002,Pearson Education Limited,England, P.64 ②<Tab/>Robert Baxt AO, Australian Business Law Review,2006, Lawbook Co,P236 ③<Tab/>Andrew Gibson, Douglas Fraser,Commercial Law, 4th edtion,2001, Longman,P160