Business Law I – Consideration

Business Law I – Consideration

Consideration

Write a short essay, between 400 and 500 words, responding to the assignment below. You are expected to utilize the textbook and outside resources to provide accurate and substantive answers to the question. Also, be sure to make use of illustrating examples where appropriate. Submit your work in APA format.

Chris promises Dina $40,000 if she graduates from Eagle College.  Dina enrolls in Eagle, attends full-time for four years, and graduates.  When Dina asks Chris for $40,000, Chris says, “I don’t remember promising you $40,000.  However, if there was a promise, it is not enforceable, because we did not bargain for it.  And even if there was a promise that would otherwise be enforceable, I revoke it now.”  Can Dina enforce Chris’s “promise”?  Why or why not?

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Dina is entitled by the law to enforce the promise Chris made to her if she enrolled in Eagle College and finished. There is an implied contract between Chris and Dina which is deemed to be enforceable by law. Chris has promised Dina $40,000 if she graduates from Eagle College. The contract entails a condition which is graduating from the Eagle College and a promise of $40,000. A promise may be oral or written. It is a declaration. It is given in exchange for something. Whatever is to be exchanged is something of value. This has made….

APA

453 words