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K0127347 Legal Obligations If we were to look up consideration in a textbook it would fall under the category of contract law. A contract is a legally binding agreement (promise) between two or more parties. Another way of saying this would be: "Agreements that involve one party, or each party, giving or undertaking or promise to the other" Contract Cases and Materials There are four main different areas of contracts: offer, acceptance, consideration and the intention to create legal relations. Consideration is the main area we shall be looking at. An "offer" is the first stage of initiating a contract, for example one party will ask another party if they will partake in an agreement of exchange of services to each other, these service would normally be of benefit to the promisor and detriment to the promisee. The next stage of the contract is "acceptance". This is the actual agreement on the terms...

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