This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: What is consideration and what are the two basic elements of ... (Read 90 times)

RYAN BANYAN

  • Hero Member
  • *****
  • Posts: 563
on: Jun 24, 2018
What is consideration and what are the two basic elements of consideration?

Question 2

If a party does not fulfill their obligations as set forth in a sales contract, it is known as:
 A) non-payment.
 B) termination.
 C) non-performance.
 D) all of the above.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

shailee

  • Sr. Member
  • ****
  • Posts: 392
Reply #1 on: Jun 24, 2018
Answer to Question 1

Consideration is the inducement, price, or promise that causes a person to enter into a contract and forms the basis for the parties' exchange. Contracts must be a two-way street. If one side gets all the benefit and the other side gets nothing, then an agreement lacks consideration and is not an enforceable contract. Consideration is proof that the parties intended to be bound to their promises. There are two basic elements of consideration: value and bargained-for exchange.

Answer to Question 2

C


RYAN BANYAN

  • Member
  • Posts: 563
Reply 2 on: Jun 24, 2018
Gracias!

gcook

  • Member
  • Posts: 343
Reply 3 on: Yesterday
Great answer, keep it coming :)

« previous next »
 

Did you know?

Recent studies have shown that the number of medication errors increases in relation to the number of orders that are verified per pharmacist, per work shift.

Did you know?

After 5 years of being diagnosed with rheumatoid arthritis, one every three patients will no longer be able to work.

Did you know?

There are more sensory neurons in the tongue than in any other part of the body.

Did you know?

There are major differences in the metabolism of morphine and the illegal drug heroin. Morphine mostly produces its CNS effects through m-receptors, and at k- and d-receptors. Heroin has a slight affinity for opiate receptors. Most of its actions are due to metabolism to active metabolites (6-acetylmorphine, morphine, and morphine-6-glucuronide).

Did you know?

Cucumber slices relieve headaches by tightening blood vessels, reducing blood flow to the area, and relieving pressure.

Barbara McClintock, who discovered transposable elements. Barbara McClintock, who discovered transposable elements.
Living systems such as the human body consist of closely interrelated elements Living systems such as the human body consist of closely interrelated elements
Stereotypes, which play such a profound role in social life, are a basic area of sociological ... Stereotypes, which play such a profound role in social life, are a basic area of sociological ...
Symbolic interactionists stress that a basic characteristic of humans is that they attach meaning to ... Symbolic interactionists stress that a basic characteristic of humans is that they attach meaning to ...
Basic principle of target-probe hybridization in microarray chips. Basic principle of target-probe hybridization in microarray chips.
Using trace elements in carbonate shells to estimate temperature Using trace elements in carbonate shells to estimate temperature
Video: Membrane transport proteins - pores, gated channels and pumps

For a complete list of videos, visit our video library