in which of the following situations is there adequate consideration

Search. While the terms "offer" and "acceptance" are fairly straightforward -- an offer is made, and either rejected or accepted -- "consideration" refers to something of value that is being gained through the contract. Learn more about FindLaw’s newsletters, including our terms of use and privacy policy.

Consider speaking with a business and commercial law attorney in your area to get started. A legally binding contract needs three main elements: an offer, consideration, and acceptance. Consideration with only a possibility of future value is considered _________. FindLaw's Contract Law section provides additional related articles and resources. legal value. Fulfillment of a condition to receive a gift. Generally, the courts will not reform a contract because one party made a bad bargain; but if the contract appears to be entered into under duress, there may be questions about whether there is adequate consideration. Consideration is the value bargained for by the parties, and most decisions indicate there is no reason to inquire into a party's motivation for giving another party an incredible deal. One of the parties was already legally obligated to … despite the absence of new consideration. consideration with only a possibility of future value If there is a possibility of _____ in the bargained-for act, adequacy of consideration will be found, even if the value never comes into existence. A promise to perform a voidable obligation is enforceable _________.

promises to purchase all that one requires, promises to sell all that one decides to make. One party's unforeseen difficulty in performing the contract. Adequate consideration refers to a price which is equal in value for an act or a thing for which it is given. This means it must constitute a nbenefit to the promisor or a detriment to the promisee. There need not be ___________________ from the promisee, the promisor, or both parties at the time of the ratification. At the end of the year, Dave asks for the extra $20,000. A promise to choose one of several alternative means of performance is illusory (lacks consideration) if ________. Contact a qualified business attorney to help you negotiate and craft airtight contracts. Stay up-to-date with how the law affects your life, Name Bob, a police officer, promises to drive by your house and check on it during his off-duty time. A promise that the promisor will choose one out of several means of performance, most of which involve a legal detriment to the promisor. Which of the following generally would be considered adequate consideration for formation of a contract? Which of the following statements about suretyships is false?

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Modification of a preexisting contract, firm offers by merchants, and a written waiver or renunciation to settle a dispute are all enforceable without consideration. Adequate consideration refers to a price which is equal in value for an act or a thing for which it is given.

The fulfillment of the condition must be of some benefit to the promisor to constitute property consideration. Whether the act or forbearance would be of nay benefit to the promisor. Under the original contract, Dave was already obligated to work for XYZ Corp. for a full year. Which of the following generally would be considered adequate consideration for formation of a contract? This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply. this arises when the parties never intended that the consideration to be paid. Get the USLegal Last Will Combo Legacy Package and protect your family today! A condition may be based on a subjective standard, such as ___________ with the goods. Which of the following normally would not be an exception to the pre-existing legal duty rule? In this scenario, each side gains something of value -- or consideration -- from the agreement. The promise cannot legally (or practically) be offered, Offer is made for something that already has been done ("past consideration") and therefore cannot be bargained for, One or more of the parties agreed to something he or she already was obligated to do, A promise was actually a gift, not something bargained. If there is a possibility of _____ in the bargained-for act, adequacy of consideration will be found, even if the value never comes into existence. Example: Suppose XYZ Corp. employs Dave under a contract for one year for $100,000. Consideration cannot be “nominal.” Nominal consideration is consideration which is clearly intended to be consideration, but the amount or performance given is too low for a court to recognize. The price can be in the form of money, property, an act, and promise to do an act or not to do an act.

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