Comprehensive Questions and
Solutions Graded A+
Consideration - Answer: - The value given in return for a promise.
- Consideration is persuasion to make a promise enforceable.
- Ensuring that promises are enforced only when parties have exchanged something in return
under the eye of law.
Consideration(Elements) - Answer: - Legal Sufficiency
- Bargained- for Exchange
Legal Sufficiency - Answer: Something must be of legally sufficient value.
- Benefits: promisor gains something that she has no legal right to obtain.
- Detriment: Performing that which the promisee was under no under legal obligation to do
Refraining to from doing something she every right to do.
Adequacy - Answer: Different from legal sufficiency. Consideration need not have equal or fair
value.
- Unilateral contracts: only one promise and therefore at least one promisee.
- Bilateral contracts: exchange of promises with promisors and two promisees
Written promises made enforceable by statute - Answer: - Contract Modifications