Thinking of consideration for contract or agreement

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Reference no: EM132103030

Thinking of consideration for a contract or agreement, we must look to an exchange of value. When you go to work, you exchange your time, labor, and maybe your thinking in return for money. When you agree to buy something you offer money for a product.

So let's look at a few examples and see if there is considered present. Please answer in the affirmative or negative and then explain what the benefit or detriment is for each party.

1. Allison asks Bob to paint a room in the house for $75 plus the cost of materials. Bob paints the room.

2. Andy promises to not open a store next to Pat's store and compete with him if Pat promises not to open a store next to Andy's store.

3. An agreement by Art to buy all of Sam's tomatoes they produce this summer at 50 cents a pound provided they are delivered to Art's restaurant.

Reference no: EM132103030

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