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HOUSE BILL NO. 718 INTRODUCED BY ELLISON, McLANE, MARKS, CURTISS, CONROY, MOORE, UNDIRDAL, SEirSRT, HEMSTAD, BURNETT, SCHULTZ, KANDUCH, ASAY, PUILLIPS, BRNS\'t, STOBIE, C. SMITH, DEVLIN, WINSLOW,

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Who needs consideration?

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Anyone entering into a legal agreement or contract may need to include consideration in order to make the contract legally binding.

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What is consideration?

Consideration refers to something of value that is exchanged between parties in a contract, which is necessary for the contract to be legally binding.

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To fill out consideration, parties must detail the specific value or benefit being exchanged in the contract. This includes monetary amounts, services, or goods.

What is the purpose of consideration?

The purpose of consideration is to provide a benefit or value that motivates the parties to enter into the contract, which is essential for its legality.

What information must be reported on consideration?

Information that must be reported on consideration includes the nature of the consideration, the parties involved, and the value or amounts exchanged.

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