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Author Question: What is consideration? Must it be financial only? What will be an ideal ... (Read 15 times)

rosent76

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on: Aug 3, 2018
What is consideration? Must it be financial only?
 
  What will be an ideal response?

Question 2

What is an agency relationship and who are the parties to an agency relationship?
 
  What will be an ideal response?


wuly

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Reply #1 on: Aug 3, 2018
Answer to Question 1

Consideration is anything of value given in exchange for a promise. It can be monetary, such as the sales price given by a buyer. It can also be non-monetary such as the performance of some act, or the promise to refrain from something.

Answer to Question 2

An agency relationship is one that is formed by mutual agreement where one party, the principal, agrees that another party, the agent, shall act on behalf of the principal, at his direction and under his control.


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