Chapter 11 Study Questions

Chapter 11 Study Questions - Doug Jackson Business Law...

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Doug Jackson Business Law section 8 Chapter 11 April 25, 2006 Chapter 11 Study Questions 1.) Consideration is usually defined as the value (such as money) given in return for a promise (such as the promise to sell a stamp collection on receipt of payment) or in return for performance. 1a.) Often, consideration is broken down into tow parts: something of legally sufficient value must be given in exchange for the promise; and usually, there must be a bargained for exchange. 2.) Legal sufficiency of consideration involves the requirement that consideration be something of legally sufficient value in the eyes of the law. Adequacy of consideration involves “how much” consideration is given. Essentially adequacy of consideration concerns the fairness of the bargain. In general, however, a court will not question the adequacy of consideration if the consideration is legally sufficient. Under the doctrine of freedom of contract, parties are normally free to bargain as they wish. 3.) Under most circumstances, a promise to do what one already has a legal duty to do does not
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This note was uploaded on 03/21/2012 for the course BLAW 1000 taught by Professor Stuff during the Spring '12 term at LSU.

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Chapter 11 Study Questions - Doug Jackson Business Law...

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