Which is an example of a consideration?

For instance, if a person used the money to purchase an apple, the apple is the merchant's consideration, and the money is the person's consideration. Types: Consideration could be a promise, performance, forbearance, or property with legal value, but the economic benefit is not required.

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Tennessee
Firm Offer for Sales Agreement with Specification of Manner of...

Tennessee Firm Offer for Sales Agreement with Specification of Manner of Acceptance

Category:

Contracts - Sale of Goods

State:

Multi-State

Control #:

US-02325BG

Format:

Instant download

Description

The Uniform Commercial Code (UCC) has been adopted in whole or in part by the legislatures of all 50 states. In most instances, the UCC treats all buyers and sellers alike. In some cases, it treats merchants differently than it does the occasional or casual buyer or seller. The UCC recognizes that the merchant is experienced and has a special knowledge of the relevant commercial practices.

Contract law as to offers is applicable to a sales contract, with the following exception. A firm offer by a merchant cannot be revoked if the offer:

" expresses an intention that it will not be revoked,

" is in a writing, and

" is signed by the merchant.

Unless it is expressly specified that an offer to buy or sell goods must be accepted just as made, the offeree may accept an offer and at the same time propose an additional term. This is contrary to general contract law.

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FAQ

An act constituting consideration must have been done at the desire or request of the promisor. If it is done at the instance of a third party or without the desire of the promisor, it will not be good consideration. For example, A saves B's goods from fire without being ask him to do so.

You made an offer of the bicycle, your neighbor accepted it for consideration, and you both intended to enter this agreement, and you are both competent to do so; therefore, it is a viable contract.

N. in contract law, an offer (usually in writing) which states it may not be withdrawn, revoked or amended for a specific period of time. If the offer is accepted without a change during that period, there is a firm, enforceable contract.

Example: John tells Dan that he will pay Dan $100 if Dan paints his car, and that Dan should show acceptance of the offer by the act of painting the car. Dan accepts by painting the car. Bilateral Contract: A person accepts an offer by promising to do the requested act.

In legal terminologies when someone agrees with an offer then they have to obey the terms made in the offer. ing to the Indian Contract Act, 1872, Section 2(b), acceptance is expressed as ?When the person to whom the proposal has been made signifies his assent thereto, the offer is said to be accepted.

For instance, if a person used the money to purchase an apple, the apple is the merchant's consideration, and the money is the person's consideration. Types: Consideration could be a promise, performance, forbearance, or property with legal value, but the economic benefit is not required.

Offer and acceptance: An offer is a statement or action that indicates a willingness to agree. Acceptance is an agreement to the terms of an offer by the other party. An offer must be communicated to the person who is meant to accept it and may be made by words or conduct.

The 3 basic elements of an agreement: offer, acceptance and consideration.