Justin Trudeau wants to purchase a used car.He finds a private seller, Joe Biden, on Kijiji and then visits Joe and offers to purchase a 2015 Toyota Corolla for $15,000.Joe agrees to sell the car to Justin for $15,000 and he prepares a contract.Justin plans to return within 3 days with the money at which point Joe will give him the keys to the car.At the bottom of the document is the following signature block, which Justin and Joe both sign and a witness signs in the witness boxes.Red seals are affixed beside their signatures.Justin does not provide any money or deposit to Joe; he simply signs the document.There is no consideration clause in the document.

Does this contract require consideration?If not, why not?(4 points)

SIGNED, SEALED, and DELIVERED

in the presence of:

Jane DoeJustin Trudeau

WitnessJustin Trudeau, Buyer

SIGNED, SEALED, and DELIVERED

in the presence of:

Jane DoeJoe Biden

WitnessJoe Biden, Seller