$2\mathrm{.}2.$ Consideration $($Part $2)$

Consideration $($Part $2)$

Introduction

Read the overview below and complete the activities that follow.

In the following video, the judge must decide whether the situation presented by the two parties existed with adequate consideration. If consideration existed, then a contract would exist and be enforceable. However, if there was no meeting of the minds and consideration did not exist, then the judge cannot make the defendant pay the plaintiff for the services rendered.

CONCEPT REVIEW:

Consideration is required in every contract. It is what a person will receive in return for performing a contract obligation. Suppose Dan agrees to purchase Marty's car for $$1,000.$ Dan's payment of $$1,000$ is the consideration Marty will receive for the car. Title to and possession of the car are the consideration Dan will receive in exchange. Consideration can be anything, as long as it is the product of a bargained$-$for exchange. In a business context, it is often $($but not always$)$ money.

Video Case:

Watch the video below all the way through, then answers the questions that follow.