The requirement that Consideration be a "Bargained for Exchange" can be best described as follows:

Choose the correct answer.

The concept of Bargained for Exchange only applies to UCC contracts.

That the legal detriment and legal benefit of only one party to a contract must be "new" to that party at the time of the formation of the contract.

Consideration received in the past DOES constitute a Bargained for Exchange.

That the legal detriment and legal benefit of each party to a contract must be "new" to that party at the time of the formation of the contract.