1 CONSIDERATION Consideration is a required element of

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CONSIDERATION Consideration is a required element of every contract Business Law and the Legal

CONSIDERATION Consideration is a required element of every contract Business Law and the Legal Environment 2

CONSIDERATION “The law does not hold us accountable for every promise we make. The

CONSIDERATION “The law does not hold us accountable for every promise we make. The doctrine of consideration determines which promises a court must enforce. ” Business Law and the Legal Environment 3

CONSIDERATION Consideration can be anything that someone might want to bargain for. Business Law

CONSIDERATION Consideration can be anything that someone might want to bargain for. Business Law and the Legal Environment 4

CONSIDERATION l Consideration means that there must be bargaining that leads to an exchange

CONSIDERATION l Consideration means that there must be bargaining that leads to an exchange between the parties. l. A bargain and exchange must take place between the parties. Business Law and the Legal Environment 5

THE PARTIES A promisor is the person who makes the promise. The promisee, is

THE PARTIES A promisor is the person who makes the promise. The promisee, is the person to whom the promise is made. Business Law and the Legal Environment 6

BARGAINING Bargaining is obligating yourself in order to induce the other side to agree.

BARGAINING Bargaining is obligating yourself in order to induce the other side to agree. Business Law and the Legal Environment 7

A BARGAIN AND AN EXCHANGE The thing bargained for can be: l another promise

A BARGAIN AND AN EXCHANGE The thing bargained for can be: l another promise or action. l a benefit to the promisor or a detriment to the promisee. l a promise to do something or a promise to refrain from doing something. Business Law and the Legal Environment 8

ADEQUACY OF CONSIDERATION l Courts seldom inquire into the adequacy of consideration. l. A

ADEQUACY OF CONSIDERATION l Courts seldom inquire into the adequacy of consideration. l. A previously paid benefit is generally not consideration because it was not meant to induce the other side to agree. Business Law and the Legal Environment 9

MUTUALITY OF OBLIGATIONS l Illusory Promise l Requirements and Output Contracts Business Law and

MUTUALITY OF OBLIGATIONS l Illusory Promise l Requirements and Output Contracts Business Law and the Legal Environment 10

PROMISSORY ESTOPPEL Under the doctrine of promissory estoppel, even if there is no contract

PROMISSORY ESTOPPEL Under the doctrine of promissory estoppel, even if there is no contract a promise may be enforceable. Business Law and the Legal Environment 11

PREEXISTING DUTY A promise to which the promisor is already obligated is not consideration.

PREEXISTING DUTY A promise to which the promisor is already obligated is not consideration. Business Law and the Legal Environment 12

SETTLEMENT OF DEBTS A liquidated debt is one in which there is no dispute

SETTLEMENT OF DEBTS A liquidated debt is one in which there is no dispute about the amount owed. Business Law and the Legal Environment 13

SETTLEMENT OF DEBTS A debt is unliquidated if: l (1) the parties dispute whether

SETTLEMENT OF DEBTS A debt is unliquidated if: l (1) the parties dispute whether any money is owed, or l (2) the parties agree that some money is owed but dispute how much. Business Law and the Legal Environment 14

PAYMENT BY CHECK Common law Exceptions Business Law and the Legal Environment 15

PAYMENT BY CHECK Common law Exceptions Business Law and the Legal Environment 15

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BEM Element BEM Element 2 Element block blockBEM Element BEM Element 2 Element block block
HTML ELEMENTS CONTENTS HTML Element Element Description ElementHTML ELEMENTS CONTENTS HTML Element Element Description Element
Other Items for Consideration Other Items for ConsiderationOther Items for Consideration Other Items for Consideration
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Chapter 14 1 Consideration Consideration is either someChapter 14 1 Consideration Consideration is either some
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Chapter 11 Contracts Consideration Introduction Consideration is legalChapter 11 Contracts Consideration Introduction Consideration is legal
Lawful Consideration and Object Consideration In the wordsLawful Consideration and Object Consideration In the words
ECommerce Law Consideration in ecommerce What is considerationECommerce Law Consideration in ecommerce What is consideration