2 of 2 Comments: Question 4. Question : The basis for the bargained for exchange between the parties of a contract that has legal value is known as: Student Answer: Consideration Moral obligation Condition Conflagration Points Received: 2 of 2 Comments: Question 5.…
Answer: The parties to do or not do a specific thing must base it on a mutual agreement. Parties who are competent to enter into a contract that will be enforceable against both parties must make it. The promise or obligation of each party must be supported by consideration. It must de for a lawful purpose the contract must not be illegal such as the unauthorized buying and selling of narcotics. The contract must meet certain formal requirements such as being in writing or under seal.…
In contract law, the term consideration refers to the serious thought that underlies a party’s intent to enter into a contract. False, consideration is the value (cash) given in return for a promise (bilateral) or performance (unilateral)…
ISSUE: State statues definition of “marriage” -limiting it to man & woman. Unconstitutional as it bars equal protection…
• ensured any judicial decision with respect to such property rights will be honored and enforced in all states…
Promises made in return for actions or events that have already taken place are unenforceable. These promises lack consideration in that the element of bargained for exchange is missing. Past consideration is no consideration. The second element of consideration is that it must provide the basis for the bargain struck between the contracting parties. The item of value must be given or promised by the promisor (offeror) in return for the promisee’s promise, performance, or promise of performance. This helps distinguish contracts from gifts.…
The third necessary element of a contract is consideration. Consideration is defined as something of…
Poole: Contract Law ANSWERS - SELF TEST – ENFORCEABILITY OF PROMISES– INTENTION TO CREATE LEGAL RELATIONS, CONSIDERATION, PROMISSORY ESTOPPEL AND DURESS 1. What is the effect of including an "honour clause" in a written agreement? (2) An "honour clause" has the effect of rebutting the normal presumption of an intention to create legal relations in a commercial agreement (1). Its effect is to render the agreement binding in honour only so that it will not be a legally binding contract. (1)…
Business Law is an interesting topic, especially when contracts are the subject of discussion. Contracts can obligate a party to perform a task, stop performing a task. They can be a guideline on a specific business sale or as simple as ordering something online. When things go wrong and contracts are claimed to be broken, the first thing we look into is whether it was a valid contract to begin with. For a contract to be considered valid there are 4 main elements it must contain. The first and most obvious element is agreement. Was there a valid offer and a valid acceptance? Having a valid agreement is at the beginning of any contract and without this first step a contract won’t exist. Second we examine, was there proper consideration? Something of value has to be exchanged between the two parties entering the contract. Third we consider capacity, was the party able to enter into the contract? This can range from a multitude of arguments from what age to mental health. The fourth element is legality, was the purpose of this contract legal? Simple, but what’s legal in one state maybe illegal in another.…
The fourth element of a contract is Consideration. Consideration is the element that found that in the case of Rand v Hughes the contract was violable. This is because the contracts must be written under seal and if they are oral consideration must be proven. Consideration is a benefit/detriment relationship between both parties. There are six rules of consideration. Consideration must be real…
Consideration- There was something of worth that was promised in lieu of the specific action or no action. Consideration differentiates a contract from a gift. This would prevent any misunderstandings in the future.…
The third element is consideration which means something of value given by one party to the other. This may take many forms such as money, valuables, services rendered or agreement to not ask for a payment due…
In contract law consideration is concerned with the bargain of the contract. A contract is based on an exchange of promises. Each party to a contract must be both a promisor and a promisee. They must each receive a benefit and each suffer a detriment. This benefit or detriment is referred to as consideration.…
* ‘Mutual consent’ or agreement on the terms of a contract ‘consideration’, or reward for goods or services rendered.…
Looking at it objectively: Standing outside the agreement, looking in as an outside observer. What do we think they have agreed?…