Concept:Consideration is the value given by one party in exchange for the promise of another, making a contract binding in law.
Explanation:For a simple contract to be valid, certain essential elements must be present.
These elements include offer, acceptance, consideration, and the intention to create legal relations.
Consideration is the price paid for a promise, and it may be money, goods, services, or even a forbearance to act.
In the law of contract, the promise to perform an obligation must be supported by something of value given by the other party.
That something of value is legally known as consideration.
An offer is merely a proposal made by one party to another.
Acceptance is the unqualified assent to the terms of that offer.
A warranty is a minor term or collateral promise within a contract.
None of these, however, represents what is exchanged for a promise to perform.
It is consideration that forms the bargained-for exchange and makes the promise enforceable.
Thus, the correct answer to the question is consideration.
Answer:D. consideration