Which of the following is a true statement regarding consideration? When assessing consideration, a court is concerned
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Question:
Which of the following is a true statement regarding consideration?
When assessing consideration, a court is concerned with whether the parties have agreed to a fair exchange and a court is not concerned with whether the exchange was bargained for.
An unfair bargain cannot constitute consideration since nobody would genuinely bargain for a contract that is not fair.
Even if the thing exchanged for a promise is a "sham" and not really sought in exchange for the promise, the exchange will still constitute consideration.
None of the above.
Related Book For
Auditing Cases An Active Learning Approach
ISBN: 9781266566899
2nd Edition
Authors: Mark S. Beasley, Frank A. Buckless, Steven M. Glover, Douglas F. Prawitt
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