Business law exam 31 jul.docx - In contract law the term'consideration refers to the serious thought that underlies a party's intent to enter into a

Business law exam 31 jul.docx - In contract law the...

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In contract law, the term 'consideration' refers to the serious thought that underlies a party's intent to enter into a contract.If a promise is made, it will be enforced.To be legally sufficient, consideration must be evidenced by something tangible.In general, a court will question the adequacy of consideration based solely on the comparative value of the things exchanged.A promise to do what one has a legal duty to do constitutes legally sufficient consideration.Rose questions whether there is consideration for her contract to perform with Saxophone Symphony. To constitute consideration, there must be ___________.a bargained for exchangeRoss promises to pay Sara, his niece, $5,000 if she obtains her degree at Tech University, where she is in her third year. Sara graduates. Ross is _____________ because Sara obtained a degree at Tech.Under a contract with Valley Vineyard, Walsh begins grading a terraced hillside for the planting of grapes. Halfway through the project, Walsh asks for $5,000 over the contractprice, claiming an increase in the "cost of doing business." Valley agrees but later refuses to pay. Valley's agreement to pay more is ______________because Walsh's performance was a preexisting duty.Industrial Engineering, Inc., promises to give stock options to Jasmine for processes she has already designed for the firm. This promise is enforceable ___________.
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) Assume that a contract specifies that U.S mail is the authorized method of communication. In that case, the acceptance of the offer becomes valid and effective when the offeree dispatches it ( place it) into the control of the U.S postal service- not when it is actually received by the offeror.7) What is the primary source of law for all contracts- other than contracts between the business for the sale of goods over $ 500,000.12) One of the requirement of an effective offer is that the terms of the offer must be relatively certain, or definite, so that the parties and the court can determine the terms of the contract.13)When one party refuses to perform her obligations a contract before performance by either party begins, it is known as anticipatory repudiation. Anticipatory repudiation is a material breach by the repudiating party, and it discharges the other party's obligations under a contract.
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