In a contract, consideration refers to:a.The amount of money paid to execute the contractb.The promises exchanged by the parties involvedc.The legal capacity of the parties to enter into the contractd.The written documentation of the contract

Consideration, an essential element in the formation of a valid contract, may be identified as:Question 11AnswerA.The need for fairness in the contract.B.The intention of the parties to be legally bound.C.A balance in the terms of the agreementD.The 'bargain' element of a contract.

Consideration, an essential element in the formation of a valid contract, may be identified as:

"The amount of consideration to which the entity expects to be entitled in exchange for transferring promised goods or services to a customer, excluding amounts collected on behalf of third parties" is the definition of: Reading required:            Learning objective 16.3.3 on page 523.Group of answer choicesthe transaction price.the performance obligation.the contract.the consideration.

Which of the following is CORRECT?Question 10Answera.In unilateral contracts, consideration is executory or executed.b.In bilateral contracts, consideration is executory.c.In unilateral contracts, consideration is executory.d.In bilateral contracts, consideration is executed or executory.

Contractual disputes could be time-consuming, expensive and difficult. They can damage Borrower/contractor relationships, cause delays and negatively impact contract execution. They could also substantially increase the contract price. It is therefore in the interest of contracting parties to work at avoiding disputes in the first place. Despite best of efforts, matters may elevate to the level of disputes in the process of contract management”. With the aid of examples describe the triggers for this and offer alternative solutions to contractual disputes.