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Quid pro quo, or the exchange of valuable consideration, is required for the formation of a valid contract between individuals who are not merchants. This requirement of mutual consideration, or the exchange of something of value, indicates the sincerity of the parties' intent to adhere to the contract between them.
There are some who say that Quid for Pound Sterling must have come from the Latin quid pro quo where something stands for something else. Quid vs Pounds (Sterling Pounds) â¢ Pound is the official currency of Great Britain though the formal name of the currency is Pound Sterling. â¢ Quid is a casual term for money in Britain as there is âbucks for dollarsâ in US. â¢ You can say one Quid or 1000 Quid and all you have to do is to replace pounds with Quid.