Part 3- Contracts, Chapter 12: Consideration, Doc 5 | Indiana University Bloomington - Edubirdie

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Indiana University Bloomington
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Financial and Managerial Accounting: Information for Decisions - John J. Wild
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2024
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1
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bratrochanter

Here's a summary analysis of each case question related to consideration and contract enforcement: 1. Brads v. First Baptist Church    Issue: The church promised retirement benefits to Brads, which it later stopped. The church argues a lack of consideration for its promise. Analysis: Brads’ retirement and continued advisory role to the new pastor might be considered sufficient consideration, as he agreed to step down and provide assistance when needed. Question: Did Brads’ retirement and advisory role serve as valid consideration to support the church’s promise of lifetime benefits? 2. Donovans’ Home Purchase Contingency    Issue: The Donovans argue that the contingency clause requiring the Vohses to secure a “home of their choice” made the contract illusory. Analysis: The contingency is specific enough to constitute a genuine obligation for the Vohses. Since they fulfilled this requirement, their promise is not illusory. Question: Was the "home of their choice" clause specific enough to avoid making the Vohses' promise illusory? 3. Scroge’s Bonus and Higher Price Agreements    Issue: Scroge agreed to pay Tinker a bonus for timely completion and to pay a higher price to the parts supplier but later refused. Analysis: Tinker’s effort to meet the bonus condition adds value, so Scroge’s promise may be enforceable under consideration. For the supplier, if the increase was agreed upon due to unforeseen circumstances, it might qualify as a fair contract modification. Question: Were Tinker’s bonus efforts and the supplier’s unforeseen costs sufficient to enforce Scroge’s promises? Identifying Consideration on Web Ads: In online ads, consider what the advertiser offers (discounts, products, services) as consideration and what it requests (customer actions like purchases or sign-ups). The mutual exchange typically forms the basis of valid contractual consideration.

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