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CHAPTER 8 Consideration

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Presentation on theme: "CHAPTER 8 Consideration"— Presentation transcript:

1 CHAPTER 8 Consideration
3/27/2017 CHAPTER 8 Consideration 8-1 Types of Consideration 8-2 Questionable Consideration 8-3 When Consideration Is Not Required

2 8-1 Types of Consideration
GOALS Identify the three requirements of consideration Recognize the various forms of consideration Chapter 8

3 FOCUS List five promises you have recently made.
Beside each promise list what you received in return. Review the list and place a check by the promise(s) that you believe would be legally binding on you if the promisee pursued the issue in court. Chapter 8

4 CONSIDERATION Act, forbearance, or promise Trading Legal value
Adequacy of consideration Nominal consideration Chapter 8

5 List the three requirements of consideration.
Chapter 8

6 8-2 Questionable Consideration
GOALS Describe situations in which consideration is present only under limited circumstances Recognize when what appears to be binding consideration is not Chapter 8

7 FOCUS Scenario Ms. Miller tells her students: “You have worked hard, and if you continue to perform at this high level, I'll pay for a pizza party at the end of the year—if I think it is warranted.” The students continue to work hard, and class grades are high, but no party is given. Question Can the students enforce the promise? Chapter 8

Illusory promises Termination clauses Output and requirements contracts Chapter 8

9 Tom Waits Thomas Alan "Tom" Waits (born December 7, 1949) is an American singer-songwriter, composer and actor. Chapter 8

(continued) Existing duty Existing public duty Existing private duty Settlement of liquidated debts Settlement of unliquidated debts Release Composition of creditors Chapter 8

11 FALSE CONSIDERATION Mutual gifts Past performance Chapter 8

12 What distinguishes a gift from a valid contract?
Chapter 8

13 8-3 When Consideration Is Not Required
GOALS Distinguish situations in which consideration is not needed Recognize when the doctrine of promissory estoppel can be applied Chapter 8

14 FOCUS Why are exceptions to the doctrine of consideration needed?
Chapter 8

Promises to charitable organizations Promises covered by the UCC Firm offers Modifications Promises barred from collection by statute Statute of limitations Debts discharged in bankruptcy Promissory estoppel Chapter 8

16 Name four exceptions to the requirement of consideration.
Chapter 8

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