100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
Final Exam (BCOR 2301) Already Passed $9.49
Add to cart
Quickly navigate to
Preview
  2.  
  3. BCOR 2301
  4.  
  5. BCOR 2301

Exam (elaborations)

Final Exam (BCOR 2301) Already Passed
 0 purchase
  • Course
  • BCOR 2301
  • Institution
  • BCOR 2301

Final Exam (BCOR 2301) Already Passed 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 o...

[Show more]

Preview 4 out of 40  pages

Document information

  • January 25, 2023
  • 40
  • 2022/2023
  • Exam (elaborations)
  • Questions & answers

Subjects

  • final exam bcor 2301 already passed
  • consideration the value given in return for a promise or performance in a contractual agreement

Written for

  • BCOR 2301
All documents for this subject (14)

Seller

avatar-seller
BrilliantScores

Reviews received

Content preview

Final Exam (BCOR 2301) Already Passed
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 because he did not have consideration.




Issue: Did the original agreement show any consideration? In an agreement one must give up

something.




Decision: The court ruled in favor of Hamer because the legal rights given up by the nephew are

enough to satisfy consideration.




Bargined-For-Exchange ✔✔The basis for a bargain struck between or among the contracting

parties.




Distinguishes contracts from gifts.

,Consideration: Adequacy ✔✔Involves "how much" consideration is given; measuring whether

bargain was fair.




See Freedom of Contract.




Freedom of Contract ✔✔Fundamental public policy recognizing one's ability to enter freely into

contractual arrangements.




Examples where Consideration is lacking: ✔✔Preexisting Duty


Rescission

Past Consideration

Illusory Promise




Preexisting Duty ✔✔A duty that one is already legally obligated to perform and, thus, that is

generally not recognized as a legal detriment.




Does not constitute legally sufficient consideration; prevents against extortion.

, Rescission ✔✔A remedy whereby a contract is canceled and the parties are returned to the

positions they occupied before the contract was made.




Past Consideration ✔✔Promises made in return for actions or events that have already taken

place are unenforceable.




Bargained-for-exchange is missing.




e.g. companies which attempt to impose a non-compete covenant upon an existing employee




Illusory Promise ✔✔A statement that looks like a promise but is actually only an illusion of a

promise due to its conditional nature or its otherwise lack of a firm commitment.




Accord and Satisfaction ✔✔A common means of settling a disputed claim, whereby a debtor

offers to pay a lesser amount than the creditor purports to be owed.




See Accord and Satisfaction.

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller BrilliantScores. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $9.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

69052 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 15 years now

Start selling
$9.49
  • (0)
Add to cart
Added