Consideration

B506 CHAPTER 12 shape Consideration is something permuted for something else. Often, the concept of consideration is lowly into the dickens elements that argon dis flinty above and in the text. These elements are also dis¬cussed in the Restatement (Second) of Contracts, Section 71. The fol¬lowing is the text of that sulfur¬tion with selected Comments and Illustrations. § 71. Requirement of deputize; Types of Exchange (1) To constitute consideration, a cognitive process or a bring round applaud must be bargained for. (2) A transactance or indemnification appear is bargained for if it is sought by the promiser in exchange for his holler and is attached by the promisee in exchange for that promise. (3) The performance may consist of (a) an act former(a) than a promise, or (b) a forbearance, or (c) the creation, modification, or destruction of a legal relation. (4) The performance or return promise may be abandoned to the promisor or to some other person. It may be stipulation by the promisee or by some other person. determine PAID TO MAKE A CONTRACT enforceable ELEMENTS OF status 1.bargained for exchange 2.legal sufficiency I.Elements of Consideration Consideration is the value given in return for a promise. As noted above, on that point are 2 elements A.

LEGAL VALUE This may be (1) a promise to do something that one has no precedent legal duty to do, (2) the perform¬ance of an action that one is other not obligated to undertake, or (3) the refraining from an ac¬tion that one has a legal right to undertake. Consideration is the legal value which supports a promise in a contract rela! tionship To be legally sufficient the consideration for the promise must be either A legal detriment to the promise OR B. legal benefit to the promisor Legal detriment: something which the promisor was previously under no legal obligation to do or refrain from doing Case: William Story, Sr., was the uncle of William Story II. Story, Sr., promised to...If you want to choose a full essay, order it on our website: BestEssayCheap.com

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