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 70 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

hramirez205

  • Member
  • Posts: 345
Reply 3 on: Yesterday
Excellent

« previous next »
 

Did you know?

In the United States, congenital cytomegalovirus causes one child to become disabled almost every hour. CMV is the leading preventable viral cause of development disability in newborns. These disabilities include hearing or vision loss, and cerebral palsy.

Did you know?

More than 2,500 barbiturates have been synthesized. At the height of their popularity, about 50 were marketed for human use.

Did you know?

Signs and symptoms that may signify an eye tumor include general blurred vision, bulging eye(s), double vision, a sensation of a foreign body in the eye(s), iris defects, limited ability to move the eyelid(s), limited ability to move the eye(s), pain or discomfort in or around the eyes or eyelids, red or pink eyes, white or cloud spots on the eye(s), colored spots on the eyelid(s), swelling around the eyes, swollen eyelid(s), and general vision loss.

Did you know?

Only one in 10 cancer deaths is caused by the primary tumor. The vast majority of cancer mortality is caused by cells breaking away from the main tumor and metastasizing to other parts of the body, such as the brain, bones, or liver.

Did you know?

As of mid-2016, 18.2 million people were receiving advanced retroviral therapy (ART) worldwide. This represents between 43–50% of the 34–39.8 million people living with HIV.

Turning cell phones into basic research tools with apps Turning cell phones into basic research tools with apps
Important Trace Elements in the Body Important Trace Elements in the Body
The Three Major Doshas-Basic Constitutional Types The Three Major Doshas-Basic Constitutional Types
The periodic table of the elements The periodic table of the elements
The periodic cylinder of the elements. When the periodic table is folded in such a way that the ... The periodic cylinder of the elements. When the periodic table is folded in such a way that the ...
Major Elements of the Genitourinary System Major Elements of the Genitourinary System
Video: Secondary Active Transport

For a complete list of videos, visit our video library