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Exam 2 BUL3130 Business Law 3103 with Schupp at Form

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Exam 2 BUL3130 Business Law 3103 with Schupp at Form

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this question looks at consideration which is one of the criteria that we need for a valid contract to exist so remember for a contract to exist you need offer and acceptance you need consideration and you need intention to create legal relations and in this context then consideration is something of value that each party brings to the contract so person a has to hand something over to person b and vice versa now in terms of the legal definition this is one of those classic uh legal definitions that that you need to be aware of the answer here is it must be sufficient but it need not be adequate and so what the courts mean by this is when we talk about it being sufficient there must be some value in what is being transferred however it does not have to be adequate it doesn't have to be a reasonable value so for example uh there was a case with the nestle uh chocolate company where it was deemed that handing over chocolate wrappers in return for a a gift or uh well it wasn&#

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