NECO Commerce 2023 Objective — Question 39

Question 39 of 50 from the National Examinations Council (NECO) Commerce 2023 Objective paper, with the correct answer and a full explanation.

Consideration in a contract of sale refers to

A. the item exchanged for value between the parties, such as the price for goodsCorrect
B. the buyer's signature
C. the date of the contract
D. the location where the contract was signed

Explanation

Consideration is something of value exchanged between the parties to a contract; in a contract of sale, the price is the buyer's consideration and the goods are the seller's.

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