In the context of legally enforceable contracts, which of the following best describes consideration?

Multiple Choice

It is a meeting of the minds of the parties based on an offer by one and acceptance by the other.

It means that the object of a contract must not violate the law or public policy.

It means that the parties must have the legal ability to enter a contract; that is$,$ they must be sane, sober,

It is the bargained$-$for legal value that one party agrees to pay to secure the promise of another.