bargain theory of consideration

bargain theory of consideration. The theory that a promise or performance that is bargained for in exchange for a promise is consideration for the promise. • This theory underlies all bilateral contracts. See bilateral contract under CONTRACT. [Cases: Contracts 50. C.J.S. Contracts § 87.] “[C]lassical contract theory tended to associate the doctrine of consideration with […]

The theory that a promise or performance that is bargained for in exchange for a promise is consideration for the promise. • This theory underlies all bilateral contracts. See bilateral contract under CONTRACT. [Cases: Contracts 50. C.J.S. Contracts § 87.]