« previous next »

Author Question: What is consideration? Must it be financial only? What will be an ideal ... (Read 33 times)

rosent76

  • Hero Member
  • *****
  • Posts: 516
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

  • Sr. Member
  • ****
  • Posts: 327
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.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

The effects of organophosphate poisoning are referred to by using the abbreviations “SLUD” or “SLUDGE,” It stands for: salivation, lacrimation, urination, defecation, GI upset, and emesis.

Did you know?

Warfarin was developed as a consequence of the study of a strange bleeding disorder that suddenly occurred in cattle on the northern prairies of the United States in the early 1900s.

Did you know?

As many as 28% of hospitalized patients requiring mechanical ventilators to help them breathe (for more than 48 hours) will develop ventilator-associated pneumonia. Current therapy involves intravenous antibiotics, but new antibiotics that can be inhaled (and more directly treat the infection) are being developed.

Did you know?

The immune system needs 9.5 hours of sleep in total darkness to recharge completely.

Did you know?

Though newer “smart” infusion pumps are increasingly becoming more sophisticated, they cannot prevent all programming and administration errors. Health care professionals that use smart infusion pumps must still practice the rights of medication administration and have other professionals double-check all high-risk infusions.

The world has been horrified recently at a U.S. Congress so polarized and paralyzed that it cannot p The world has been horrified recently at a U.S. Congress so polarized and paralyzed that it cannot p
J. P. Morgan, the financial genius, staved off ruinous competition among steel firms by combining mo J. P. Morgan, the financial genius, staved off ruinous competition among steel firms by combining mo
For Your Consideration: If you had been reared in an Amish family, how would your ideas, attitudes, ... For Your Consideration: If you had been reared in an Amish family, how would your ideas, attitudes, ...
The Number of Children Americans Think Are Ideal The Number of Children Americans Think Are Ideal
The Economics of Money, Banking and Financial Markets, Business School Edition The Economics of Money, Banking and Financial Markets, Business School Edition
For the circuit in Figure 1, assume ideal diodes. The peak inverse voltage is approximately For the circuit in Figure 1, assume ideal diodes. The peak inverse voltage is approximately
Video: Proteins Defined, Hierarchy & Composition of Cells

For a complete list of videos, visit our video library