With a contract, consideration is something of value offered by one party in exchange for something of value from the second party.
true
false

That statement is True.

and with the contract, the party will be held by law to fulfill their ends of the consideration

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It is a true fact that with a contract, consideration is something of value offered by one party in exchange for something of value from the second party. The correct option among the two options given in the question is the first option. This also creates a legal binding between the parties that they need to honor. 

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