8.1 b a c kn e x t h o m e Chapter 8 Objectives  Explain consideration.  Explain when partial payment constitutes consideration.  Give three examples.

Slides:

Advertisements

Similar presentations

Chapter 11 Mutual Consideration. What is Consideration? Promisor - the person who gives the promise or action in exchange for the promise or action of.

Advertisements

Chapter 11 CONSIDERATION.

Business Law: Ch 8 Consideration.

1. 2 CONSIDERATION Consideration is a required element of every contract.

LAW for Business and Personal Use © 2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible.

Mutual Consideration ● 9-1 What is Consideration? ● 9-2 Legal Value and Bargained-For Exchange ● 9-3 When is Consideration Not Required?

CHAPTERCHAPTER McGraw-Hill/Irwin©2008 The McGraw-Hill Companies, All Rights Reserved Consideration TWOTWO.

Chapter 9 Consideration Chapter 9: Consideration.

Agreement and Consideration in Contracts Chapter 7.

Comprehensive Volume, 18 th Edition Chapter 15: Consideration.

Copyright © 2008 by West Legal Studies in Business A Division of Thomson Learning Chapter 15 Contracts: Consideration Twomey Jennings Anderson’s Business.

Chapter 4: Consideration (Bargained for Exchange)

© 2007 Prentice Hall, Business Law, sixth edition, Henry R. Cheeseman Chapter 11 Consideration and Equity Chapter 11 Consideration and Equity.

Prepared by Douglas Peterson, University of Alberta 8-1 Part 3 – The Law of Contract Chapter 8 Requirement of Consideration.

© 2010 Pearson Education, Inc., publishing as Prentice-Hall 1 CONSIDERATION AND PROMISSORY ESTOPPEL © 2010 Pearson Education, Inc., publishing as Prentice-Hall.

Business Law and the Regulation of Business Chapter 12: Consideration

CHAPTER 8: CONSIDERATION By: Mike Francini, Tasia Gorski, Caitlin McNamara, & Sam Zangara Chapter 8: Consideration.

38.1 b a c kn e x t h o m e Chapter 38 Objectives  Explain the nature of life insurance and its normal limitation.  Define property insurance.  Identify.

Consideration is legal value bargained for and given in exchange for an act or a promise Elements of Consideration Purely gratuitous promises are.

Business Law - Week 3 Class Agenda Other information: Good Samaritan Law | International Law Review Week 2 Case Study Break Discussion: Contracts continued.

Essentials Of Business Law Chapter 8 Consideration McGraw-Hill/Irwin Copyright © 2007 The McGraw-Hill Companies, Inc. All rights reserved.

9.1 b a c kn e x t h o m e Chapter 9 Objectives  Describe the mistakes that do not invalidate a contract.  State what types of mistakes normally invalidate.

Contract Law for Paralegals: Traditional and E-Contracts © 2009 Pearson Education, Upper Saddle River, NJ All rights reserved Consideration Chapter.

Law for Business, 15e by Ashcroft Chapter 5: Nature and Classes of Contracts Law for Business, 15e, by Ashcroft, © 2005 West Legal Studies in Business,

37.1 b a c kn e x t h o m e Chapter 37 Objectives Identify important terms used in insurance. Explain who may obtain insurance. List the five aspects of.

Prepared by Michael Bozzo, Mohawk College Part 3 – The Law of Contract Chapter 8 – Requirement of Consideration © 2015 McGraw-Hill Ryerson Limited 8-1.

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.

LAW for Business and Personal Use © 2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible.

13.1 b a c kn e x t h o m e Chapter 13 Objectives u Describe the requirements for terminating a contract by performance. u Recognize the circumstances.

19.1 b a c kn e x t h o m e Chapter 19 Objectives  Define a warranty, and distinguish between express and implied warranties.  Specify the warranties.

Week 04 Agreements and Contracts. Contracts A contract is a legally enforceable agreement between two or more competent persons. A valid contract is one.

11.1 b a c kn e x t h o m e © 2002 West Educational PublishingTo accompany Law for Business, 14e, by Ashcroft and Ashcroft Chapter 11 Objectives  Identify.

Nature and Terminology and Agreement in Traditional and E- Contracts Chapter 11 & 12.

Consideration Chapter 8. Consideration – what a person demands and generally must receive in order to make a contract legally binding.

2.1 b a c kn e x t h o m e Chapter 2 Objectives  Explain the function of the courts.  Explain the relationships of the various courts in our society.

Chapter 8 Consideration. Gratuitous: Free Agreements Consideration : The exchange of benefits and detriments by the parties to an agreement. Benefit:

12-1 Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin.

CONTRACTS Chapter 9 Introduction to Contracts. CONTRACTS A AGREEMENT between two or more persons the PERFORMANCE of which the law considers to be an OBLIGATION.

16.1 b a c kn e x t h o m e Chapter 16 Objectives  Define “goods.”  Define a “sale” of goods and distinguish it from a contract to sell.  Distinguish.

31.1 b a c kn e x t h o m e Chapter 31 Objectives  Discuss the differences in setting up a sole proprietorship, a partnership, and a corporation.  Explain.

By Richard A. Mann & Barry S. Roberts

5.1 b a c kn e x t h o m e Chapter 5 Objectives  Describe what a contract is and how it differs from an agreement.  List the different types of contracts.

39.1 b a c kn e x t h o m e Chapter 39 Objectives  State the general nature of contracts of guaranty or suretyship.  Identify ways contracts of guaranty.

A Bargain and an Exchange Consideration means that there must be bargaining that leads to an exchange between the parties. Consideration can be anything.

© 2013 The McGraw-Hill Companies, Inc. All rights reserved. Chapter 10 Consideration 1 Copyright © 2016 McGraw-Hill Education. All rights reserved.

7.1 b a c kn e x t h o m e Chapter 7 Objectives  Identify classifications of individuals who may not have the capacity to contract.  Define disaffirmance.

42.1 b a c kn e x t h o m e Chapter 42 Objectives  Describe the means by which title to real estate is transferred.  Explain the provisions normally.

18.1 b a c kn e x t h o m e Chapter 18 Objectives u Explain the importance of determining when title and risk of loss pass. u Distinguish between a sale.

Chapter 14 Consideration Twomey, Business Law and the Regulatory Environment (14th Ed.)

33.1 b a c kn e x t h o m e Chapter 33 Objectives  List the methods the partners may use to dissolve a partnership.  Discuss the reasons why a court.

12.1 b a c kn e x t h o m e Chapter 12 Objectives  Discuss the difference between a third- party beneficiary contract and a novation.  Explain the difference.

2.1 Law for Business, 17e, by Ashcroft and Ashcroft, © 2011 Cengage Learning Law for Business, 17e by Ashcroft and Ashcroft Chapter 2: Courts and Court.

Copyright © 2010 South-Western Legal Studies in Business, a part of South-Western Cengage Learning. and the Legal Environment, 10 th edition by Richard.

LAW FOR BUSINESS AND PERSONAL USE © SOUTH-WESTERN PUBLISHING Chapter 9Slide 1 When Is Consideration Not Required? Identify when promissory estoppel applies.

Consideration Chapter Types of Consideration Identify the 3 requirements of consideration Discuss the adequacy of consideration.

David P. Twomey - Boston College

Chapter 12: Consideration

Chapter 11 Contracts: Consideration

CHAPTER 12 Consideration

Chapter 11 Consideration

Chapter 13: Contracts – Consideration

Chapter 12 Contracts: Consideration

Chapter 12 Contracts: Consideration

Chapter 8 Consideration

Chapter 11 Consideration and Promissory Estoppel

Chapter 11 Consideration and Promissory Estoppel

Chapter 15 CONSIDERATION

Chapter 12 Consideration

Chapter 11 Consideration

Presentation transcript:

8.1 b a c kn e x t h o m e Chapter 8 Objectives  Explain consideration.  Explain when partial payment constitutes consideration.  Give three examples of insufficient or invalid consideration.  Recognize when consideration is not required. © 2002 West Educational PublishingTo accompany Law for Business, 14e, by Ashcroft and Ashcroft

8.2 b a c kn e x t h o m e Consideration  Consideration is whatever the promisor demands and receives for a promise.  The promise must impose an obligation upon the person making it.  Consideration may be doing a certain act or refraining from doing a certain act.  Adequacy of consideration is usually irrelevant.

8.3 b a c kn e x t h o m e Partial Payment as Consideration  Partial payment of a past-due debt cannot be consideration.  Insufficient consideration includes  Performing or promising to perform what one is already obligated to do.  Refraining from doing what one has no right to do.  Past performance.

8.4 b a c kn e x t h o m e Consideration Requirement  If Howard pledges $500 to help support his local Public Broadcasting System radio station, is he legally bound to then donate the $500?  Yes  Is consideration necessary to support an obligation of record, such as a judgment?  No Quick Quiz Quick Quiz Quick Quiz Quick Quiz Quick Quiz Quick Quiz Quick Quiz Quick Quiz

8.5 b a c kn e x t h o m e Elements of Promissory Estoppel A promise is made. Promisor reasonably expects the promise to induce action by promissee. The promissee does not act. Justice requires enforcement of the promise.