Chapter 8: Consideration
Chapter Overview: Ready to Learn?
Consideration is the exchange of benefits and detriments by parties to an agreement. Benefits are things that the party was not previously entitled to receive. Detriments are any losses suffered. Consideration must include three key elements: a bargained-for exchange, something of value, and benefits and detriments must be legal. In some situations, agreements may not require consideration. In this chapter, you will understand the concept of consideration and learn the difference between contracts that require consideration and those that do not.
Legal Web Links: Need to Know More?
Surf the Internet for legal Web links.
Legal Information Institute sponsored by Cornell Law School.
Real Cases: Did You Get It?
Apply the chapter material to real cases.
Self-Check Quizzes:Test Tomorrow?
Test your knowledge of chapter material with a self-check quiz.
Adobe® Acrobat® Reader® is required to view or print some of these files. If you don't have Adobe Acrobat Reader, download it free!