Consideration Flashcards
1
Q
Every contract requires ___ on both sides of the transaction.
A
Consideration
2
Q
Consideration requires…
A
1) a bargained-for exchange
2) that which is bargained for just be of legal value
3
Q
What is a “bargained-for exchange?”
A
the promise must induce the detriment and the detriment must induce the promise
4
Q
Legal value is determined if there is either…
A
1) A detriment to the promisee or 2) benefit to the promisor.
5
Q
Consideration serves three evidentiary functions. What are they?
A
Evidentiary:
Cautionary:
Channeling:
