Compare The Two Elements Of Legally Sufficient Value And Bargain-For-Exchange

Bernie a resident of Richmond, Virginia decides to sale his 2006 Ford Fusion for $13,000.00 and places an ad in his local newspaper on February 1st. After several weeks without any inquiries, Vivian contacts Bernie on March 1st stating she will pay him $12,000.00 for the car. Bernie arranges to meet with Vivian on March 5th to complete the deal. Vivian comes to Bernie’s house on March 10th and says she will give Bernie $12,500.00 for the car; but she needs three additional weeks to come up with the money. Bernie agrees but only if Vivian puts down a deposit. Vivian agrees and Bernie drafts an agreement stated the sale will must take place no later than March 31st. Vivian reads and signs the agreement and

A legally binding promise must also always be supported by consideration, a prerequisite defined as “the exchange of promises from each party- from the promisor to the promisee”. There is uncertainty in whether the consideration offered in this situation is sufficient or not. Moral obligations regarding “natural love and affection” are not deemed to be sufficient consideration unless there is a legal obligation involved. Whether Billy’s initial decision to work on the farm creates a sufficient enough legal obligation for

There must be consideration for a contract to be enforced by the court. According to the Restatement 2nd of Contracts §71, to constitute consideration, a performance or a return promise must be bargained for. Furthermore, for there to be consideration, there must be either a benefit to the promisor or a detriment to the promisee (see Hamer v. Sidway).

Consideration is a promise or performance that the promisor demands as the price of the promise. Past consideration is something that has been performed in the past and which, therefore, cannot be consideration for a promise made in the present. Promises made to another based on moral obligation lack consideration and are not enforceable. Services performed by one family member on behalf of another family member are presumed to have been rendered in obedience to a moral obligation without expectation of consideration. An example of past and moral consideration would be the hypothetical we are discussing. A binding contract does not exist between Gerwin and Baker because the element of consideration is missing. The consideration for Gerwin's

A contract is a promise between two or more parties that the law recognizes as binding by providing a remedy in the event of breach. In order for a promise to be enforceable it must be supported by consideration. Consideration can be defined as a bargained for exchange between the promisor and promisee; a promise can not be considered a contract without consideration. Common law states also require mutual assent to exist for a contract to be enforceable, this means that there must be an offer and an acceptance of said offer. For example, if a promise is made between two consenting people and one of those

However, the following are the vital steps contained in each contract. Also, without them the contract would not be considered valid. First, an offer entails a statement by one party who is willing to make a contract under certain conditions keeping in mind that it shall be accepted. Second, acceptance gives a picture of the agreement to the terms offered. According to Rogers (2012), acceptance is considered valid when, (1) it is made by an individual to whom the offer was directed, (2) it is unequivocal, and (3) it is communicated to the offeror. Third, consideration encompasses the terms of the contracts between the parties. Therefore,

__T___ A promise to act or to refrain from doing an act can serve as consideration.

Consideration can be classified as one party expect to get benefit from other according to the act performed by parties with a contractual deal. The benefit can be something valuable such as product or service and not only the money. It can be divided into 3 type of consideration which is executed, executor and past consideration. Executed consideration defined as when the promise carried out and thus the act has been carried

There is consideration present here since according to the ‘Doctrine of Consideration, ' promises will legally enforceable if you ‘ask for something in return for ' something else. Here, Ken asks for £12,000 in return for his work to build Jack 's conservatory. Therefore, when Jack ‘accordingly contacts Ken to say that he will be employing him to do the building work, ' Jack has accepted Ken 's offer, and both parties have entered into a legally binding contract. Jack 's statement qualifies as an acceptance since there is correspondence between the two parties, whereby both the offer and acceptance are on the same terms; there is nexus, where the acceptance is in response to the offer; and finally, there is communication on both parts. Moreover, when Jack states that he will accept the ‘most competitive ' tender, he could argue that the recommendation from ‘Barnie, ' his ‘neighbour ' who expresses that ‘Ken is an excellent builder ' constitutes Jack 's meaning of the ‘most competitive. ' However, this is not relevant unless Bob wishes to argue in court that Jack 's proposal was indeed an invitation to tender, which constitutes an offer, as according to Harvela.

A’s promise to B can only be enforced by B if B has given consideration for that promise;

A contract is formed when an offer by one party is accepted by the other party. Consideration is the price paid for the promise of the other party. The price must be something of value, although it need not be money. Consideration may be some right, interest or benefit going to one party or some, losses or responsibility given, suffered or undertaken by the other party.

Furthermore, the agreement, is where the actual contract is offered and accepted by two parties (Cheeseman, 2010). The consideration is the legal form of payment or exchange within the contract such as money, property, or provision of services (Cheeseman,

A promise to perform subject to being able to obtain financing is an example of a condition precedent.

Consideration can involve a wide group of things, everything that has a value and is

The "something of value" may be either something that the person actually hands over (that they would not otherwise be obligated to hand over) or some right that they give up (that they would otherwise have been entitled to exercise). For example, if you agree to buy a car for cash, you agree to deliver cash to the seller, and the seller agrees to deliver the car to you. In that situation, there is legal consideration, or sufficient value, for the agreement to be enforceable. Another example is a mutual release of claims. Suppose you accidentally hit a parked car, and you agree to pay the owner of the car £500 in cash to settle. In that case, you agree to deliver cash to the owner of the car, and the owner agrees that he or she will not file a lawsuit against you. (In such a situation, always get a written release of liability, or "release," from the owner of the car to prove that you have settled up.) The consideration from your side is the cash, and the consideration from the owner's side is that he or she gave up the right to sue you for the damages. Although the owner didn't give up anything physical, there is consideration to support the agreement because the owner gave up a legal right. Source: (http://onlinelegalforms.com/legalforms/freedraftingtips.html#consideration) Dunlop v Selfridges (1915) Hol. Defined consideration as ‘An act or forbearance of one party or, the promise thereof, is the price