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 44 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
YES! Correct, THANKS for helping me on my review

tkempin

  • Member
  • Posts: 332
Reply 3 on: Yesterday
Great answer, keep it coming :)

« previous next »
 

Did you know?

It is believed that humans initially contracted crabs from gorillas about 3 million years ago from either sleeping in gorilla nests or eating the apes.

Did you know?

In 1844, Charles Goodyear obtained the first patent for a rubber condom.

Did you know?

Human neurons are so small that they require a microscope in order to be seen. However, some neurons can be up to 3 feet long, such as those that extend from the spinal cord to the toes.

Did you know?

Multiple experimental evidences have confirmed that at the molecular level, cancer is caused by lesions in cellular DNA.

Did you know?

According to the Migraine Research Foundation, migraines are the third most prevalent illness in the world. Women are most affected (18%), followed by children of both sexes (10%), and men (6%).

Barbara McClintock, who discovered transposable elements. Barbara McClintock, who discovered transposable elements.
Basic steps in hemostasis. Basic steps in hemostasis.
Basic structure of the autonomic pathway Basic structure of the autonomic pathway
Basic tissue types and structures of the alimentary canal. Basic tissue types and structures of the alimentary canal.
Basic Chart of Food Chain Basic Chart of Food Chain
A Haddon Matrix Identifying Preventive Elements for Motor Vehicle Collisions A Haddon Matrix Identifying Preventive Elements for Motor Vehicle Collisions
Video: Wound Cultures

For a complete list of videos, visit our video library