Chapter 12 Business Law, Mallor, 13thedition

Chapter 12 Business Law, Mallor, 13thedition - CHAPTER...

Info iconThis preview shows pages 1–5. Sign up to view the full content.

View Full Document Right Arrow Icon
Consideration A E T H 1 2 “Make yourself necessary to someone.” Ralph Waldo Emerson, The Conduct of Life (1860)
Background image of page 1

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

View Full Document Right Arrow Icon
Learning Objectives v Elements of consideration w Legal value w Bargained-for exchange v Exchanges that fail to meet consideration v Exceptions to consideration requirement 12 - 2
Background image of page 2
v Consideration  is  legal value  bargained for and  given in exchange for an act or a promise v Consideration in the form of an act or promise  may have legal value if the person w Refrains from doing something the person has  the legal right to do w Does something the person had no prior legal  duty to do Elements of Consideration   12 - 3
Background image of page 3

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

View Full Document Right Arrow Icon
A promisee’s act or promise must have been  bargained for and given in exchange for the  promisor’s promise w Example:   Gottlieb v. Tropicana Hotel and  Casino   in which participating in a promotion that  benefited the company was adequate  consideration to form a contract Bargained-for Exchange   12 - 4
Background image of page 4
Image of page 5
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

Page1 / 9

Chapter 12 Business Law, Mallor, 13thedition - CHAPTER...

This preview shows document pages 1 - 5. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online