What term describes whatever the promisor demands and receives as the price for his promise?

The term that describes whatever the promisor demands and receives as the price for his promise is "consideration." In legal terms, consideration is a foundational element of a valid contract. It represents something of value that is exchanged between parties—this can be in the form of money, services, or a pledge to refrain from certain actions (forbearance).

Consideration differentiates contractual agreements from mere promises or gifts. In a contractual context, both parties must provide something of value for the contract to be enforceable. The promisor’s promise is considered legally binding because they are offering a benefit to the other party in exchange for their promise or action.

In contrast, other terms like compensation refer specifically to payment for services or losses, forbearance involves refraining from action, and promotion pertains to the act of supporting or advocating for something. These concepts do not encompass the broader legal definition and function of consideration within contract law. Understanding this key principle is essential for grasping contractual obligations and legal agreements in the realm of funeral service and beyond.