Gifts-Contract Consideration

Gifts-Contract Consideration - Running Head Contract...

Info icon This preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Running Head: Contract Consideration 1 Gifts: Contract Consideration Institutional Affiliation Name
Image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
CONTRACT CONSIDERATION 2 During a contract, a one-sided promise is not considered in law; therefore, consideration needs to be something that based on the exchange of promises by both contracting sides. Each party (the promise and the promisor) need to receive mutual benefits, or both suffer a loss depending on the terms of their contract (Russell, 2012). The consideration needs to be valuable in the eyes of the law and of benefit to both parties; hence, this excludes a gift since it is not an exchange of promise, but it is more of a favor from one party (a one-sided promise), such promise is not supported by consideration. In a contract, the promiser exchanges one consideration in return of another consideration from the pledge. Therefore, consideration needs to be something of value to both parties, agreeable when making a contract. A gift cannot be a valid consideration by law because it holds
Image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern