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Bell Ringer. What are the 6 parts of a contract? What does it mean to consider something? Why do parties exchange goods or services in a contract? What do you think a court is most concerned with when enforcing a contract? Why?. Bell Ringer. What are accord and satisfaction?

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bell ringer
Bell Ringer
  • What are the 6 parts of a contract?
  • What does it mean to consider something?
  • Why do parties exchange goods or services in a contract?
  • What do you think a court is most concerned with when enforcing a contract? Why?
bell ringer1
Bell Ringer
  • What are accord and satisfaction?
  • If someone agrees to pay a specific amount to settle a debt, can they change the ammount later on?
requirements of consideration
Requirements of Consideration
  • Courts and the law don’t necessarily enforce free agreements
  • In a real agreement, each side is required to exchange something of value
  • The promise of the exchange is what binds the parties to one another.
    • Consideration  Binding element
legal concept of consideration
Legal Concept of Consideration
  • Consideration is the exchange of benefits and detriments by the parties in the agreement
    • Benefit: Something that a party was not previously entitled to
    • Detriment: any loss suffered
    • Forbearance: Not doing something that you have the legal right to do.
characteristics of consideration
Characteristics of Consideration
  • There are three important characteristics of consideration
    • Promises must involve the concept of a bargained- for exchange
    • Something of value must be involved
    • The benefits and detriments promised must be legal
something of value
Something of Value…
  • The law has no specific value requirements on consideration
  • For consideration the parties must promise something of value
  • The value of items do not need to be market value, and items do not need to be of equal value, as long as they are exchanged freely and willingly
  • The courts are not overly concerned with the fairness of the exchange, just the legality of it
unconscionable
Unconscionable
  • The only time a court will step in to an agreement when the are considered unconscionable
  • An agreement is considered unconscionable when there is a great inequality in the bargaining power of the two parties
  • An inequality would be a situation where one of the parties holds all or most of the power over the other party
types of consideration
Types of Consideration
  • Something of value can take different forms:
    • Money: Money is often promised by one party in exchange for the other party’s performance or promise
      • Unless it is a price fixed item (government controlled) the value does not have to correspond to the promise
    • Property: before established currency property was used as consideration. This is commonly known as barter (Trading Cards)
slide10

Promise not to Sue: A party, who has the right to sue, can waive their right to sue in exchange for something of value (example of forbearance).

    • When a person could sue, but waives their right to sue they are often required to sign a release.
    • This is common when doing certain activities: zip-lining, bungee jumping, white water rafting, college athletics, etc
  • Charitable Pledges: Since non-profit organizations depend on donations a “pledge” legally becomes a binding contract.
problems with consideration
Problems with Consideration
  • Problems will occasionally arise where value or amount of money comes into question
  • If the two parties can not agree on an amount the amount is said to be “in dispute”
  • This results in accord and satisfaction
    • Accord: when a creditor agrees to take an amount less than that of the billing
    • Satisfaction: the agreement and ultimate payment of the amount in the accord
undisputed amounts
Undisputed Amounts
  • If both parties agree to a specific amount, then it is an undisputed amount
    • If an amount has been agreed upon the debtor is required to repay it regardless if
      • They later feel remorse over the amount that they agreed to pay
      • They later find out that a different individual made a different (and better) deal than them.
contracts that are enforceable without consideration
Contracts that are enforceable without Consideration
  • In specific situations certain contracts can be considered enforceable without consideration
    • Promise under Seal: when a contract has a state issued seal promising the contract
    • Promises after discharge in Bankruptcy: after bankruptcy a person could still pay a debt
    • Debts barred by statute of limitation: is a debt was previously paid, a creditor can collect as long as the statue of limitation allows
    • Promissory Estopple: when the court allows for a promise to be enforceable without consideration