Contracts
In New Mexico, which element of a valid contract requires that both parties must give something of value?
AOffer and acceptance
BConsideration✓ Correct
CLegal capacity
DLegal purpose
Explanation
Consideration is something of value given by each party to a contract — the buyer's promise to pay and the seller's promise to convey title. Consideration is essential for contract enforceability. Nominal consideration (e.g., $1) may be sufficient.
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