« previous next »

Author Question: What is consideration? Must it be financial only? What will be an ideal ... (Read 22 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?

People often find it difficult to accept the idea that bacteria can be beneficial and improve health. Lactic acid bacteria are good, and when eaten, these bacteria improve health and increase longevity. These bacteria included in foods such as yogurt.

Did you know?

In Eastern Europe and Russia, interferon is administered intranasally in varied doses for the common cold and influenza. It is claimed that this treatment can lower the risk of infection by as much as 60–70%.

Did you know?

On average, the stomach produces 2 L of hydrochloric acid per day.

Did you know?

Individuals are never “cured” of addictions. Instead, they learn how to manage their disease to lead healthy, balanced lives.

Did you know?

Bacteria have flourished on the earth for over three billion years. They were the first life forms on the planet.

Ethnic Differences in Financial Support for College Based on a sample of 304 emerging adults aged 2 Ethnic Differences in Financial Support for College Based on a sample of 304 emerging adults aged 2
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
Cultures Ideal Body Types Cultures Ideal Body Types
The Economics of Money, Banking and Financial Markets, Business School Edition The Economics of Money, Banking and Financial Markets, Business School Edition
Financial Management: Core Concepts Financial Management: Core Concepts
If CP for an ideal gas is 35.4 J/molK, which of the following is CV for this gas? If CP for an ideal gas is 35.4 J/molK, which of the following is CV for this gas?
Video: Interview with Person who has Panic Attacks

For a complete list of videos, visit our video library