Apr 11, 2018 · This preview shows page 1 - 2 out of 4 pages. Chapter 9, 1 36) Which of the following is an acceptable consideration for a contract? C) money. 37) Which of the following statements is true about contracts? D) To have an enforceable contract, there must be mutual assent by the parties. 38) Two brothers, Sam and Jim, were fighting over the ...
Oct 14, 2020 · See Page 1. 16. Which of the following is an acceptable way to estimate uncertain consideration? a. Most likely amount to be received b. Minimum amount considered likely to be received c. Expected value of the amount to be received d. Both a and c are acceptable. d. Both a and c are acceptable.
Dec 10, 2021 · 10 10 pts Question 3 Which of the following would be acceptable consideration in. 10 10 pts question 3 which of the following would be. School University of Ontario Institute of Technology; Course Title ENGR 4760U; ... Learn more about characters, symbols, and themes in all your favorite books with Course Hero's ...
Which of the following is acceptable consideration for a contract? money 2) Two brothers, Sam and Jim, were fighting over the division of their ancestral property. After ten years of legal battle, a frustrated Sam contacted a powerful politician who subjected Jim to extreme duress, forcing him to sign a contract in favor of Sam.
Consideration can be as big or small as the parties mutually agree to exchange between themselves. For example, when you go to buy a dress, it's between you and the seller to agree upon the price. When a valid consideration is present, courts rarely interfere to decide whether the deal is unfair or disproportionate.
For a contract to be valid, it must have four key elements: agreement, capacity, consideration, and intention.
It can be Past, Present or Future. It is not necessary that Consideration must be adequate. Consideration must be Real and Not Illusory or Impossible. It must be Lawful.Mar 1, 2021
The complaining party must prove four elements to show that a contract existed. These elements are offer, consideration, acceptance, and mutuality.
Something bargained for and received by a promisor from a promisee. Common types of consideration include real or personal property, a return promise, some act, or a forbearance. Consideration or a valid substitute is required to have a contract. business law.
Valid Contract – What are the Elements of a Valid Contract• Offer and Acceptance. The written document must express the intentions of both parties, meaning that it must highlight the material terms of the contract. ... • Lawful. ... • Legal Capacity to Contract. ... • Understandable. ... • Signed.Jul 19, 2018
Generally, past consideration is not a valid consideration and has no legal value. Past consideration is consideration that has already flowed from the promisee to the promisor. That is, the promisee's act or forbearance predates the promisor's promise.
Consideration should contain payment of money, some act, abstinence or promise. For a consideration to be valid there must be a promise from both sides. This means that there must be a promise by one party against the promise of the other party.
Which of the following are examples of consideration? Consideration may be a benefit to the promisor, a detriment to the promisee, a promise to do something, or a promise to refrain from doing something.
In general, a good contract is understandable and unambiguous. Although you may need a lawyer to review the contract, you should be able to understand what is being agreed to just by reading it, although jargon does come with the territory.Mar 30, 2015