Which of the following statements is correct with respect to the law of consideration?

Group of answer choices

Consideration must have some value but need not be specific

The amount of consideration to be paid in a contract must be reasonable (that is, fair) from the point of view of each party

Without consideration or a seal, there can be no contract

For a contract to be binding, something valuable must have changed hands. This consideration may have been paid before the agreement (past consideration), at the time of the agreement (present consideration), or later (future consideration)