BUSI 2701 Study Guide - Final Guide: Valet Parking, Bes, Malicious Prosecution
9 Oct 2015
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A buyer sees a birthday cake in a bakery window (invitation to treat). The cake has a price label next to it which says the cake is 7. 99. The buyer offers the baker 7. 99 for the cake (offer). The buyer hands over the money (consideration) and takes the cake. Consideration: values of moneys you are willing to pay to execute the promise. Consideration means that both parties must do something or promise to do something which they intend to be legally binding. In contracts for goods or services, this usually means that one party promises to pay a price and the other party promises to supply goods or services. It is important to understand that tenancy in common is different than joint tenancy because the transfer of the property to a beneficiary in the event of an owner"s death is different in each case.
