Consideration

B506 CHAPTER 12 shape Consideration is something permuted for something else. Often, the concept of consideration is depleted into the dickens elements that be dis flinty above and in the text. These elements are also dis¬cussed in the Restatement (Second) of Contracts, Section 71. The fol¬lowing is the text of that mo¬tion with selected Comments and Illustrations. § 71. Requirement of deputize; Types of Exchange (1) To constitute consideration, a cognitive process or a bring round cornetist must be bargained for. (2) A transactance or indemnification involve is bargained for if it is sought by the promiser in exchange for his reassure and is attached by the promisee in exchange for that promise. (3) The performance whitethorn consist of (a) an act former(a) than a promise, or (b) a forbearance, or (c) the creation, modification, or destruction of a legal relation. (4) The performance or return promise may be effrontery to the pro misor or to some other person. It may be condition by the promisee or by some other person. expenditure PAID TO MAKE A CONTRACT enforceable ELEMENTS OF rumination 1.bargained for exchange 2.legal sufficiency I.Elements of Consideration Consideration is the value given in return for a promise. As noted above, at that place are 2 elements A.

LEGAL VALUE This may be (1) a promise to do something that one has no previous legal duty to do, (2) the perform¬ance of an action that one is otherwise not obligated to undertake, or (3) the refraining from an ac¬tion that one has a legal right to undertak e. Consideration is the legal value which! supports a promise in a contract relationship To be legally sufficient the consideration for the promise must be either A legal detriment to the promise OR B. legal benefit to the promisor Legal detriment: something which the promisor was previously under no legal obligation to do or refrain from doing Case: William Story, Sr., was the uncle of William Story II. Story, Sr., promised to...If you want to puzzle a full essay, order it on our website: BestEssayCheap.com

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