Consideration

B506 CHAPTER 12 shape Consideration is something permuted for something else. Often, the concept of consideration is lowly into the dickens elements that atomic number 18 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 endorsement¬tion with selected Comments and Illustrations. § 71. Requirement of deputize; Types of Exchange (1) To constitute consideration, a cognitive process or a bring round precursor must be bargained for. (2) A transactance or indemnification front is bargained for if it is sought by the promiser in exchange for his contract and is attached by the promisee in exchange for that promise. (3) The performance whitethorn 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 presu mptuousness to the promiser or to some other person. It may be accustomed by the promisee or by some other person. monetary value PAID TO MAKE A CONTRACT enforceable ELEMENTS OF contemplation 1.bargained for exchange 2.legal sufficiency I.Elements of Consideration Consideration is the value given in return for a promise. As noted above, at that place are 2 elements A.

LEGAL VALUE This may be (1) a promise to do something that one has no prior(prenominal) legal duty to do, (2) the perform¬ance of an action that one is other than not obligated to undertake, or (3) the refraining from an ac¬tion that on e has a legal right to undertake. Conside! ration is the legal value which supports a promise in a contract relationship 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 demand a full essay, order it on our website: OrderCustomPaper.com

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