![]() ![]() The existence of consideration distinguishes a contract from a gift. ![]() Consideration is the value that induces the parties to enter into the contract. ![]() This can take the form of a significant expenditure of money or effort, a promise to perform some service, an agreement not to do something, or reliance on the promise. Consideration - Something of value was promised in exchange for the specified action or nonaction. Offer - One of the parties made a promise to do or refrain from doing some specified action in the future.Ģ. The complaining party must prove four elements to show that a contract existed:ġ. ![]() When a party files a suit claiming a breach of contract, the first question the judge must answer is whether a contract existed between the parties.
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