"Consideration" Essays and Research Papers

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Law Assignment - Contract Law; Restrictive Covenant, Acceptance of Goods

unsolicited book as it would consider an unconditional gift to him. (ii) In the context of the law of contract, consideration is meant by “the price of the other persons promise”. The law enforces bargains, not bare promises. A bare promise is unenforceable, unless bought by some consideration provided by the other party. There are some certain rules in determining consideration. First, it must be valuable but need not be adequate. In the case of Chappell & Co Ltd v. The Nestle Co LTD (1960)...

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LA1105 Thomas v Thomas - Doctrine of adequacy and sufficiency

DOCTRINES OF CONSIDERATION AND SUFFICIENCY INTRODUCTION This essay critically explores the doctrines of consideration and sufficiency within the context of contract law, with references to the matter of Thomas v Thomas from 1842. In assigning significance to these matters, it is noted that Sir John Patteson, a judge in 1830 who was appointed to the Court of King's Bench, (later the Privy Council) was knighted shortly after making the landmark decision regarding the doctrine of consideration in the...

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Business Law

the promise by Jenny to Carmen is legally binding. Carmen found jenny’s dog and return to Jenny. This is called consideration under Section 2(d). It means that at the promisor’s desire, the promise or any other person has dine or abstained from doing, or does or abstains from doing, or promises to do or abstain from doing something, such act or abstinence or promise is called consideration for the promise. In simple, it can be known as the “price paid for the purchase of a promise”. Carmen will get...

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Business Law 420 Week 3 Assignment

An agreement must contain four essential ingredients to be regarded as a contract. These four elements are offer, acceptance, Intention of legal consequences, and consideration. If any one of them is missing, the agreement will not be legally binding. An offer is defined as the manifestation of the “willingness to enter into a bargain so made as to justify another person in understanding that his assent to the bargain is invited and will conclude it.” There must be a definite, clearly stated offer...

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Illusory Promise

Illusory Promise | You be the Judge Case Study An illusory promise sounds like a promise or commitment, but is not really a promise or commitment to do anything. Because it does not bind the maker to do anything, it may not be treated as consideration to establish a contract. Culbertson v. Brodsky Culbertson had listed real estate for sale. Brodsky & Culbertson signed an option contract. Option document: - Brodsky delivers $5,000 check to bank; - Bank holds...

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Midterm Review

most heavily emphasized chapter. First, understand what constitutes a contract. You need to have an offer, acceptance, adequate consideration, and a legal subject matter. You want to understand that in a contract if a party does not provide full consideration they have breached the contract, and you want to understand that a contract requires new, not past consideration. You should know the difference between a unilateral and a bilateral contract. You want to understand express, implied-in-fact...

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Case Law

Pearsall v. Alexander This case involves a consideration which is the inducement to make a contract enforceable. Pearsall and Alexander had an agreement to share to proceeds. But when Alexander had a $20,000 winning ticket, he refused to give Pearsall anything, which led Pearsall to sue Alexander for a breach of an agreement. Court ruled in favor of Pearsall, and Alexander must share the winnings enforced by valid agreement. I think Court was right on the decision based on a fact that they always...

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Business Law

issues, we need to consider if any contractual relationship was formed between them. To begin with, a contract is a legally binding agreement made between two or more parties with the present of some essential elements like offer and acceptance, consideration etc. To form a contact effectively, there must be an offer by one party and an acceptance of it by the other. Concerning the fence being built along Ada’s garden, an oral agreement is formed between Tommy and Ada. According to the case, Ada...

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Elements of a Contract

offeree by the offeror (Mallor et al., 2010, p. 307). The second element is acceptance. In this stage, the offeree has the chance to accept or deny the offer (Mallor et al., 2010, p. 325). The final element of a valid contract is legal consideration. Consideration basically means both parties must have agreed to something for the contract to be upheld (Mallor et al., 2010, p. 343). Elements of a Contract Contracts are created every day for multiple different reasons. Examples of these contracts...

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Getting the Message Across

any matter for which money, service, or other valuable consideration is either directly or indirectly paid or promised to, or charged or accepted by such station, the station, at the time of the broadcast, shall announce: (1) That such matter is sponsored, paid for, or furnished, either in whole or in part, and (2) By whom or on whose behalf such consideration was supplied: Provided, however, That ``service or other valuable consideration'' shall not include any service or property furnished either...

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