Assignment #8 Case 15-2

Assignment #8 Case 15-2 - Juan Pesantez Business Law 6:30...

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Juan Pesantez Business Law 6:30 pm Assignment #8 Case 15-2 Brief of “Thelma Agnes Smith v. David Phillip Riley” ISSUE: The court must decide whether or not to enforce the law by regulating the amount of consideration for the parties’ agreements. RULE: It is a well-settled principle of contract law that in order for a contract to be binding, it must, among other things, be supported by sufficient consideration. ANALYSIS: The Tennessee Supreme Court has stated that it is not necessary that the benefit conferred or the detriment suffered by the promise shall be equal to the responsibility assumed. Any consideration, however small, will support a promise. CONCLUSION: In the absence of fraud, the courts will not undertake to regulate the amount of the consideration. The parties are left to contract for themselves, taking for granted that the consideration is one valuable in the eyes of the law.
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CRITICAL THINKING: What is the reasoning of the appellant in terms of why the appellant in terms of
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This note was uploaded on 11/03/2010 for the course HIST 73407 taught by Professor Georgegastil during the Spring '10 term at Palomar.

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Assignment #8 Case 15-2 - Juan Pesantez Business Law 6:30...

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