Final Exam (BCOR 2301) 2023 Questions and Answers

Final Exam (BCOR 2301) 2023 Questions and Answers Consideration The value given in return for a promise or performance in a contractual agreement. 1. Something of LEGALLY SUFFICIENT VALUE must be given in exchange for the promise. 2. There must be a BARGAINED-FOR-EXCHANGE. Legal Sufficient Value Something of value in the eyes of the law; may be: - Promise [to do something] e.g. pay supplier upon receiving goods - Performance [of an action otherwise not obligated to] e.g. providing acct. services - Forbearance [refraining from doing something] e.g. purchasing from another supplier Hamer v. Sidway Facts: A man promised his nephew that if he stopped drinking, smoking, and gambling until he was 21 that he would pay him $5000. When the nephew completed this agreement the uncle told him that he would hold onto the money and let it collect interest. When the uncle died Sidway, the executor to the uncles estate, would not pay the money to Hamer becau