Which statement about Consideration in contracts is true?

Consideration is a fundamental concept in contract law that refers to something of value exchanged between parties as part of an agreement. The essence of consideration is that each party must provide something of value, which can take many forms. This value does not have to be money; it can also include services, goods, or even a promise to perform or refrain from a certain action. Therefore, the statement that consideration can be anything of value exchanged is accurate and reflects the flexibility inherent in contract law regarding what can constitute consideration.

In contrast, other options suggest limitations on what consideration can be, which do not align with legal principles. For instance, the notion that no consideration is needed for verbal agreements is misleading; even verbal agreements typically require consideration to be enforceable. Additionally, saying that consideration must only be financial overlooks the many other acceptable forms it can take. Finally, the idea that consideration depends on the buyer's profession is inaccurate, as consideration is a general requirement that applies uniformly, regardless of the parties' occupations.