Consideration is something that has legal value..

Slides:



Advertisements
Similar presentations
Consideration Definition: X promises not to file a suit against Y if Y pays him $100 by a fixed date. The forbearance of X is the consideration for Y's.
Advertisements

Chapter 11 Mutual Consideration. What is Consideration? Promisor - the person who gives the promise or action in exchange for the promise or action of.
CHAPTER 15: BARGAINED-FOR CONSIDERATION. Learning Objectives: Nature of the Consideration Requirement Bargain Theory of Consideration Mutuality of Obligation.
Chapter 11 CONSIDERATION.
Consideration Chapter 8.
Business Law: Ch 8 Consideration.
Section 8.1.
The Sale of Goods Act 1930.
1. 2 CONSIDERATION Consideration is a required element of every contract.
CHAPTERCHAPTER McGraw-Hill/Irwin©2008 The McGraw-Hill Companies, All Rights Reserved Consideration TWOTWO.
Chapter 18 Defective Products. What are Express and Implied Warranties? Warranty -A statement about the product’s qualities or performance that the seller.
Thomson/South-Western©2008 Chapter 7 Contract Law _______________________________________.
Youth and the Law Vocabulary List #1 1. Acceptance – One of the steps in making a contract. It takes place when one person accepts an offer made by another.
Consumer and Housing law Contracts – Chapter 22 Piotrowski.
Chapter 9 Consideration Chapter 9: Consideration.
CONSIDERATION.
© 2010 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license.
Texas Real Estate Contracts 4 th Edition © 2015 OnCourse Learning.
STEPH SHAW February  10 credits  Unit co-ordinator: Steph Shaw  Lecturer: Steph Shaw  Aims: develop an understanding of the legal liabilities.
UNIT 4: Consumer and Housing Law Chapter 23 Contracts
© 2007 Prentice Hall, Business Law, sixth edition, Henry R. Cheeseman Chapter 11 Consideration and Equity Chapter 11 Consideration and Equity.
Section 8.2.
Business Law and the Regulation of Business Chapter 12: Consideration
Contracts Mr. Dukes Business Education & Computer Science.
How to Manage your Money BUDGETS. What is Money Management Planning how to get the most from your money Why?? What???
South-Western Publishing©2002 By Charles J. Jacobus Real Estate Principles Ninth Edition Real Estate: An Introduction to the Profession Ninth Edition South-Western.
CONTRACT LAW. Promissory agreement between two or more persons that creates, modifies, or destroys a legal relation. Legally enforceable promise to do.
© 2010 by Cengage Learning Chapter 7 ________________ Contract Law.
CHAPTER 11 CONSIDERATION: THE BASIS OF THE BARGAIN DAVIDSON, KNOWLES & FORSYTHE Business Law: Cases and Principles in the Legal Environment (8 th Ed.)
Contracts When someone tells verbal lies about you.
Essentials Of Business Law Chapter 8 Consideration McGraw-Hill/Irwin Copyright © 2007 The McGraw-Hill Companies, Inc. All rights reserved.
Section 4.1 Agreements and Contracts Section 4.1 Agreements and Contracts A contract is any agreement enforceable by law.
Contracts and Agreements
 Is an essential element of a valid contract. An agreement without consideration is a bare promise and is not binding on the parties.
Chapter 9 Mutual Consideration. Consideration Main purpose of consideration is to distinguish between social promises and more serious transactions where.
Consideration 2.01 Understanding elements and characteristics of a contract.
© 2012 Cengage Learning. Contract Law Chapter 7 © 2012 Cengage Learning In This Chapter You will be introduced to contract law and how a contract is.
LESSON 9-2 Quiz Review.
Ch. 8 Consideration.  Consideration- What a person demands and generally must receive in order to make his or her promise legally binding.
Consideration Chapter 8. Consideration – what a person demands and generally must receive in order to make a contract legally binding.
Lesson 8-2 Questionable Consideration
Consideration CHAPTER 9-1 QUIZ REVIEW What is consideration?  Each side gains something  Fair but not necessarily equal  Change in your legal position.
Understanding Business and Personal Law Consideration Section 8.1 Consideration Pre-Learning Question Why is consideration one of the six elements of a.
Chapter 8 Consideration. Gratuitous: Free Agreements Consideration : The exchange of benefits and detriments by the parties to an agreement. Benefit:
Imagination at work. David Echenberg P&W Legal Counsel November 20 th, 2015 Session II – Contract Negotiation.
A Bargain and an Exchange Consideration means that there must be bargaining that leads to an exchange between the parties. Consideration can be anything.
“ No consideration no contract”- Exception to the rule 1. Natural love and affection : An agreement made without consideration is valid if it is express.
Mutual Consideration Mrs. A Business Law 9-1What Is Consideration? 9-2Legal Value and Bargained-For Exchange 9-3When Is Consideration Not Required? 1 CHAPTER.
UNIT – I Sale of Goods Act, 1930 Condition and Warranty
David P. Twomey - Boston College
Chapter Five. Consideration
What you need to know before signing on the dotted line!
Chapter 11 Contracts: Consideration
Chapter 11 Consideration
Chapter 13: Contracts – Consideration
Chapter 12 Contracts: Consideration
Chapter 12 Contracts: Consideration
Section 5.2 Consideration.
Chapter 11 Consideration and Promissory Estoppel
Chapter 11 Consideration and Promissory Estoppel
Chapter 15 CONSIDERATION
The Nature of a Contract
Chapter 12 Consideration
When is consideration “not” required
Lesson 9-1 Quiz Review “Answer” each of these.
IBT Standard 11.
Chapter 11 Consideration
Legally Binding Agreements
CHAPTER 9 Test review.
Presentation transcript:

Consideration is something that has legal value.

 Caveat emptor: Let the buyer beware  Caveat venditor: Let the seller beware

For a detriment to qualify as consideration, the person incurring the detriment must: 1. give up a legal right 2. at the request of the other party 3. in exchange for something of legal value

 Past consideration is no consideration  Moral consideration is no consideration  A gift can never be legal consideration  Promises to do that which one is already bound to do are not consideration

The requirements are:  A valid contract  A dispute between the parties with respect to that contract and  An agreement to compromise the dispute rather than sue

A guarantee is a written promise to answer for the debts of another that is enforceable against the guarantor.

 A valid contract is entered into between two or more parties  The guarantor creates the guarantee at the time the contract is executed and  The guarantee is in writing

Feedback: Privacy Policy Feedback
Do Not Sell My Personal Information
About project: SlidePlayer Terms of Service

© 2025 SlidePlayer.com. Inc. All rights reserved.