Oregon Construction Contractors (CCB) Practice Test

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What is one of the four elements of contract law?

Offer
Consideration
Acceptance
Capacity

The correct answer is: Consideration

In the context of contract law, consideration is one of the four essential elements that must be present for a contract to be legally enforceable. Consideration refers to the value that is exchanged between the parties involved in the contract. It can take the form of money, services, goods, or a promise to act or refrain from acting. The presence of consideration serves as a crucial component because it differentiates a contract from a mere gift. Without consideration, a contract may be deemed void or unenforceable, as there is no reciprocal benefit to both parties. This mutual exchange is what instills a sense of obligation and creates a binding agreement. While offer, acceptance, and capacity are also key elements of contract law, consideration specifically addresses the aspect of value exchange that legitimizes the agreement, making it essential for the contract to hold legal weight.