13-814. Consideration; definition.
Consideration is any bargained-for benefit or advantage to __________________ (promisor) which was a reason why __________________ (promisor) wanted to enter into the contract, or any loss or detriment to __________________ (promisee), which __________________ (promisor) desired __________________ (promisee) to suffer or which was a reason for __________________ (promisor) to enter into the contract. Consideration may consist of a return promise, an act, a forbearance, or the creation, modification, or destruction of a legal relation.
USE NOTE
In the blanks insert the proper names of the promisor and the promisee, as appropriate.
[Adopted, effective November 1, 1991.]
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