Question: Why is consideration required in a contract. What if one party doesn't require consideration. Why require it?

Why is consideration required in a contract. What if one party doesn't require consideration. Why require it?

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

Consideration is a fundamental element in the formation of a legally binding contract It serves several important purposes and is required for the con... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related General Management Questions!

DiLorenzo was an officer, director and shareholder of 100 shares of stock of Valve & Primer. M. Chris Dickson was the chief executive officer and majority shareholder of Valve & Primer. DiLorenzo was...

On January 3, 2002, Caterpillar contacted HSM Management Services (HSM), the management agent for Rosewood, a skilled nursing facility. Caterpillar requested that Rosewood admit Cook on a managed...

1. Hannah is applying for a life policy on her girlfriend Sarahs life. The policy is $500,000 and carries a large premium. Hannah is the main earner, so she is concerned about not being able to pay...

A standard form contract prepared by one party and given to the other on a "take it or leave it" basis. Transfer of contract rights to a person who is not a party to the contract. A contract...

BUSINESS LAW HELP Which sentence matches MIRROR IMAGE RULE A standard form contract prepared by one party and given to the other on a "take it or leave it" basis. Transfer of contract rights to a...

Please complete the following questions using the IRAC Method after review the notes on Writing - Parole Evidence - Interpretation of Contracts down bellow: In February of 2022, Catherine and DB...

104 CANADIAN BUSINESS LAW contract agreement between two or more parties that is enforceable by law What Is a Contract? A contract is an agreement between two or more individuals or entities (usually...

Can any experts provide me the correct answers for these questions Care must be taken to ensure that the agent is responsible to the principal only for the end result of its activities, not for the...

1. As long as consideration is present, the courts generally do not interfere with contracts based on the amount of consideration paid. TRUE FALSE 2. When making a contract, it is up to the court to...

Part 1 : Contract Definition A legal contract involves an agreement between two or more parties to do or not to do something. The key elements of a contract include: Offer: One party must make a...

Burke Ltd. began operations in February 2008 with 4,500 units of inventory that it purchased at a cost of $12.00 each. The company?s purchases during February were as follows: Sales during February:...

If you were hired as a consultant by Pressman Company, what steps would you recommend that Stevens take?

What is the fundamental purpose and benefit of preparing budgets for healthcare organizations?

a) Write the truth table for the half adder and obtain simplified boolean functions of the outputs. b) Design and draw half adder by using a. AND, OR, inverter gates b. XOR and AND gates c) Write the...

conditions for plypsically acceptable. well fenctions ? what are behowed awe cafined votun the

In an effort to estimate the mean spent per customer for dinner at major Atlanta restaurant , data were collected for a sample of 49 customer . assume that we have information that the standard...

The following data was obtained from the books of the Hogerworst Home Painting Company: Compute the fixed and variable components of the monthly overhead costs using the high-low method. Month...

In an event study, the abnormal return is described as theQuestion 54 options:actual return on a security minus the market rate of return on the same date.total return earned by a security on the...

David E. Ross, his two brothers, and their families operated and owned the entire stock of five businesses. Ross had three children: Rod, David II, and Betsy. David II and Betsy were not involved in...

In March, Adrian Saylor sold government bonds owned exclusively by him and with $6,450 of the proceeds opened a savings account in a bank in the name of Mr. or Mrs. Adrian M. Saylor. In June of the...

Stan sold goods to Bill in good faith, believing him to be a principal. Bill in fact was acting as agent for Nancy and was within the scope of his authority. The goods were charged to Bill, and on...

A survey of 777 teenagers between the ages of 13 and 18 conducted by JA Worldwide/Deloitte & Touche USA LLP found that 69% agree that people who practice good business ethics are more successful than...

Determine the 90% confidence interval estimate for the population mean of a normal distribution given n = 100, = 121, and = 1,200.

A magazine company is planning to survey customers to determine the proportion who will renew their subscription for the coming year. The magazine wants to estimate the population proportion with 95%...