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Week 5 Discussion (3)

Week 5 Discussion (3)

Q The general rule is that each contract must meet the requirement of having consideration. This means that each party must give something of value and there must be a bargained for exchange. Before responding to this week's discussion board, please read Chapter 12 and the chapter overview. In a new thread, please answer the following questions: 1. Please explain the purpose of consideration and why this element is necessary for contracts. Please reference a case in Chapter 12 to support your explanation. 2. Do you think that the doctrine of promissory estoppel should apply as an exception to consideration? Why or why not?

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According to the reading material of the course, "Consideration" is a type of legitimate esteem that would be given in return of a specific movement of might be in return of guarantee being made by the gatherings. Further, from a legitimate setting, it tends to be said that, thought depends on the idea of an "anticipated trade." This implies the two gatherings are getting something that they've consented to, more often than not something of significant worth for something of significant worth. Thought does not need to be cash. It very well may be something of significant worth, so it tends to be another question or an administration.