SMG LA 245 Study Guide - Midterm Guide: National Labor Relations Act, Patient Protection And Affordable Care Act, Fair Labor Standards Act
22 Oct 2018
School
Department
Course
Professor
Document Summary
Legality (comply with the requirements of the law) Breach (if contract broken, usually plaintiff asks for monetary damages) Consideration is the inducement, price or promise that causes a person to enter into a contract and forms the basis for the parties" exchange. In commercial agreements, consideration is almost always the exchange of money for goods or services. Consideration in promises made by family members is sometimes harder to find. Both parties must get something of measurable value from the contract. A promise to give something of value counts. A promise not to do something of value counts (forbearance). Value is in the eye of the beholder generally courts do not engage in measuring value. Gifts or donations do not count as consideration. Facts: uncle (william story) made an agreement in 1869 with nephew (william story) that he wouldn"t smoke or drink until he"s 21. Nephew didn"t, uncle still didn"t want to pay.
