The general rule is that each contract must meet the requirement of having consideration. This means that each party must give something of value and there must be a bargained for exchange. Before responding to this week's discussion board, please read Chapter 12 and the chapter overview.Please explain the purpose of consideration and why this element is necessary for contracts.

textbook: the 17th edition of Business Law by Langvardt, Barnes, Prenkert, McCrory and Perry