Business law

CHAPTER SEVEN 

 Read Chapter Seven, pg. 149

Question  There are 4 legal reasons why an agreement would lack consideration. Your assignment is to list each of the four legal reasons.  Provide a factual example for each of the four legal reasons. The factual example can be from the textbook, an actual case that you know about or you can make it up.

a) An agreement would lack consideration if  ___________   

    factual example: X and Y . . . .

b) An agreement would lack consideration if  ___________ 

    factual example: X and Y . . .

c) An agreement would lack consideration if ___________    

    factual example: X and Y . . .

d) An agreement would lack consideration if ___________    

    factual example: X and Y . . .

Question There exist legal theories in contract law that would allow a party to enforce a promise and/or agreement even though consideration was lacking.  List each of the legal theories that would allow a party to enforce an agreement or promise even though consideration was lacking. Provide a factual example for each of the legal theories. The factual example can be from the textbook, an actual case that you know about or you can make it up.

a) A Contract that lacked consideration could still be enforced by using the legal theory that . . . . .

factual example: X and Y . . . .

b) A Contract that lacked consideration could still be enforced by using the legal theory that . . . . .

factual example: X and Y . . .

c) A Contract that lacked consideration could still be enforced by using the legal theory that . . . . .

factual example: X and Y . . .

d) A Contract that lacked consideration could still be enforced by using the legal theory that . . . . .

factual example: X and Y . . .