Contract Questions

In the afternoons race the horse won and parker

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: in the group to whom Parker was speaking and immediately said that he would accept the horse for $1.00. Parker agreed to accept $1.00 after the afternoon’s race in which Parker was obligated to participate. In the afternoon’s race, the horse won and Parker decided that he did not really want to sell the horse for $1.00. a. The contract is unenforceable because the consideration is not adequate. b. The courts will review whether the consideration is good consideration. c. One dollar constitutes sufficient consideration. d. The sufficiency of the consideration depends on whether Parker was serious. 229. Gus Parker owned a race horse that had not made a good showing in the last 10 races. Disgusted with the horse, Parker stated that he would sell the horse for $25.00. Sam Hood immediately said that he would accept the horse for $25.00. Parker agreed to accept $25.00 after the afternoon’s race in which Parker was obligated to participate. The horse won the race with a prize money of $5,000,000, and Parker decided that he did not real...
View Full Document

Ask a homework question - tutors are online