Business Law I Chapter 9 Answers Essay

1. Consideration consists of vulgar transpose of holds and redes among contracting parties. In the ex substitute, a gain by the offer is at the similar time a loss to the offeror. The licit term go ford to designate the gain that each fellowship experiences is that ships corporations legal benefit. Consideration has three characteristics 1) The balance moldiness involve a bargained-for exchange 2)the contract must involve comely context and 3) the benefits and detriments promised must themselves be legal. 2. A legal detriment tin can be any of the following 1) doing nearthing that one has a legal unspoilt non to do 2) giving up something that one has a legal justly to keep and 3) regaining from doing something that one has a legal right to do. 3. The law allow not enforce an agreement that has not been bargained for. An agreement involves a bargained-for exchange when 1) a promise is make in exchange for another promise, 2) a promise is made in exchange for an act , or 3) a promise is made for forbearance of an act.4. A court whitethorn refuse to enforce a contract or any article of a contract if is considers the contract or clause unconscionable, that is, the consideration is so ridiculously inadequate that it shocks the courts conscience. This designation usually happens when thither is a great inequality in bargaining power between the two parties. 5. Consideration can be a promise not to serve. A promise not to sue, when at that place is right, or at to the lowest degree the apparent right, to sue, is enforceable when it is conducted by consideration. Promising not to sue is forbearance. Acceptance of an agreement not to sue, supported by consideration, terminates ones right to continue any lawsuit, presently or on the future, on grounds described in the agreement.6. There are three shipway that the courts can seek to uphold charitable pledges. The first way involves factual consideration, which occurs when charitable contributions are made on the condition that the promisor be remembered for the gift by having his or her name inscribed in some way on a memorial associated with the project. Another approach is to use either promissory estoppel or public policy to support the claim. Also, when there is no promise to carry out a specific project, the courts exact held each pledge made is supported by the pledges of all others who score made similar pledges. This concept of consideration is used in support of all promises of money for undefined causes.7. If a credit entryor accepts as full defrayment anamount that is less than the amount due, the dispute has been settled by an admit and satisfaction. Accord is the implied or expressed acceptance of less than what has been billed the debtor. rapture is the agreed-to settlement contained in the accord. Only if the dispute is honest, and the offer to settle made in good faith, and not superficial or trivial will the courts entertain arguments based on accord an d satisfaction. 8. The agreements that be enforceable by a court of law withal though they lack consideration are a) Promises under(a) seal enforceable in some states for contracts not involving goods Unenforceable under UCC for contracts involving goods.b) Promises after discharge in bankruptcy enforceable in most states. c) Promise to pay debts barred by law of limitation enforceable. d) Promises enforced by promissory estoppel enforceable only if offeror knew that offeree would rely on the promise and offeree places himself in a different and vexed position as a result of that promise. e) Option enforceable under UCC if made by a merchant, in writing, stating the time period over which the offer will remain.9. Promissory estoppel is a legal doctrine that restricts a party from denying that a promise was made under certain conditions, even though consideration has not been exchanged to bind an agreement. To be effective, promissory estoppel requires that the party making the promise know, or be presumed to know, that the other party might differently make a definite and decided change of position in contemplation of those promises. In reaching this doctrine, courts have evaluate the principles of justice and fairness in protecting the party receiving the promise from otherwise unrecoverable loses. 10. Shopping online is one of the fastest growing market places on record. Despite its numerous advantages (quick & efficient, comparison shopping, availability of hard-to-get products) , there are many difficulties Cyber-payment option Wide variety of methods. One of the most popular methods is by credit/debit card.Most online sellers will accept the major credit cards such as Visa, Master Card. This type of system protects some(prenominal) the buyer and the seller. This military operation may become the most acceptable process because most of the times when people buy and sell in mesh they are dealing with strangers. The online payment process eli minates the identity verification problem. This is consequential because one of the biggest concerns about online shopping is credential. Cyber-Payment Security Issues the ease and efficiency of use credit/debit cards is frequently offset by the security concerns associated with their use. The US is not up-to-date as the EU in providing information and privacy protection to its consumers.The EU Data Protection Directive on with EU E-Privacy Directive guarantee the rights of European citizens while at the same time ensuring the smooth exchange of info among those nation-states that maintain the privacy and data protection standards themselves. US corporations that are involved with EU corporations must launch that, despite the lack of legislation in the US, the companies themselves will promise to honor the same degree of protection to data and to privacy as guaranteed by the EU. These guarantees have been labeled the Safe Harbor Principles. They are enforced by the US Depar tment of Commerce. It is best for a consumer to check directly with the US Department of Commerce to determine the true status of a company rather than just relying on the companys blanket avowal that they follow the safe harbor standards.