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Homework answers / question archive / Prompt Remember that a contract requires "consideration

Prompt Remember that a contract requires "consideration

Law

Prompt

Remember that a contract requires "consideration." No, not thoughtful reflection. In legal terms, consideration means "bargained for exchange," each party to the contract must GIVE UP something in the exchange. Look at the following scenarios and decide if consideration exists in this case and why, and what further information you might need to decide if applicable. I'm not trying to trick you so don't overthink them. It's just practice. 

You can respond with an answer to one or two of them, just don't always do the first one or two! Go down the list and mix it up so that we have responses to all of them by the time you are all done. And go ahead and engage with each other and talk out any that you think are tough. And you can post a challenge of your own!

1. Working at the Carwash

  • Offer: I will pay you $100 if you wash my car.
  • Acceptance: You show up on Sunday and wash my car.
  • Consideration? Why?

 

2. No-spray

  • Offer: I will pay you $2,000 if you do not spray your fields within 500 feet of my fields.
  • Acceptance: You promise not to spray and indeed do not spray.
  • Consideration? Why?

 

3. No Smoking

  • Offer: I will pay you $1,000 if you quit smoking. Prove it by not smoking for 6 months.
  • Acceptance: You do it and come to me for payment.
  • Consideration? Why?

 

4. It's Your Birthday!

  • Offer: I will give you $1,000 on your 21st birthday.
  • Acceptance: You turn 21 and come to me for your payment.
  • Consideration? Why?

 

5. Trust-Fund Baby

  • Offer: I will pay the full cost of college tuition to my first-born grandchild.
  • Acceptance: My grandchild is born, grows up, parents come to me with tuition bills…
  • Consideration? Why?

 

6. Opportunity Costs

  • Offer: I will give you $50,000 salary if you work on the farm this year instead of going to OSU.
  • Acceptance: You drop out and take the job.
  • Consideration? Why?

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