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SOMEONE PLEASE HELP!! I need help coming up with about ten to twelve sentences on this: In regard to consideration, what is meant by quot;bargained
SOMEONE PLEASE HELP!! I need help coming up with about ten to twelve sentences on this: In regard to consideration, what is meant by "bargained for exchange?"
This is the outline for Consideration:
i. There needs to be a reason for making the promise that was also deemed to be a sufficient reason for enforcing it
ii. Consideration is the value given in return for a promise or in return for a promise
iii. Legal Value
1. Something of legally sufficient value
a. Promise to do something that one has no prior legal duty to do
b. The performance of an action that one is otherwise nor obligated to undertake OR
c. The refraining from an action that one has a legal right to undertake
iv. Bargained for Exchange
1. Consideration must provide the basis for the bargain struck between the contracting parties
v. Adequacy of Consideration
1. How much consideration is given?
2. Generally a court will not question the adequacy of consideration if it is legally sufficient
3. If fraud, duress or undue influence is involved, consideration may be called into question
vi. Agreements that lack consideration