Which of the following is correct regarding consideration?

Multiple Choice

In order for a contract to be enforceable, the consideration given by both parties must be equal or comparable in value.

In order for a contract to be enforceable, at least one $(1)$ of the contracting parties must give consideration.

It is part of the good faith obligation implied in every contract, and requires that the parties must be considerate of $($l$.$e$.,$ careful not to cause inconvenience or hurt to$)$ each other.

It is generally used by the courts to distinguish a contract from a gratuitous promise.