The existence of consideration distinguishes a contract from a gift. Consideration is the value that induces the parties to enter into the contract. This can take the form of a significant expenditure of money or effort, a promise to perform some service, an agreement not to do something, or reliance on the promise. ![]() Consideration - Something of value was promised in exchange for the specified action or nonaction. Offer - One of the parties made a promise to do or refrain from doing some specified action in the future.Ģ. ![]() The complaining party must prove four elements to show that a contract existed:ġ. ![]() ![]() When a party files a suit claiming a breach of contract, the first question the judge must answer is whether a contract existed between the parties.
0 Comments
Leave a Reply. |