Which of the following describes the requirement that both parties in a legally binding contract must give something of value?
a. competent parties
b. mutual acceptance
c. consideration
d. legal purpose

C. Consideration

Explanation:

Both parties most give considerations to the terms of the contract, consideration in this sense means reflective thinking on the terms of the contract.

consideration

Explanation:

Consideration is the requirement that both parties in a legally binding contract must give something of value because when signing a binding contract every party involved does not get 100% of what they want from the contract and this is because the parties have to consider each other and in considering each other they will have to give up on something valuable that they would want from the contract, while mutual acceptance does not mean giving up something of value but have the same purpose and goal  

the banking act of 1935 gave the president authority to appoint the seven members of the federal reserve system and the group's chairman.

explanation: