Can you help me understand this Economics question?
Discussion Board 4 – Contracts (consideration) – due by Wednesday
11 unread reply.11 reply.
Generally, for an agreement to constitute an enforceable contract, the agreement must be accompanied by reciprocal consideration. This means that each party must exchange something of “bargained-for” value. (Please see Chapter 12 and the chapter overview.) In a new thread, please answer the following questions:
1. Do you agree that consideration should be a requirement for a valid contract. Why or why not?
2. Do you think that the doctrine of promissory estoppel should apply in some instances as an exception to consideration? Please explain.