Discuss and explain whether there is valid consideration for each of the following promises:a. A and B entered into a contract for the purchase and sale of goods. A subsequently promised to pay a higher price for the goods when B refused to deliver at the contract price. b. A promised in writing to pay a debt, which was due from B to C, on C’s agreement to extend the time of payment for one year. c. A orally promised to pay $150 to her son, B, solely in consideration of past services rendered to A by B, for which there had been no agreement or request to pay.
Discuss and explain whether there is valid consideration for each of the following promises:a. A and B entered into a contract for the purchase and sale of goods. A subsequently promised to pay a higher price for the goods when B refused to deliver at the contract price. b. A promised in writing to pay a debt, which was due from B to C, on C’s agreement to extend the time of payment for one year. c. A orally promised to pay $150 to her son, B, solely in consideration of past services rendered to A by B, for which there had been no agreement or request to pay.
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
Section: Chapter Questions
Problem 1CE
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Discuss and explain whether there is valid consideration for each of the following promises:
a. A and B entered into a contract for the purchase and sale of goods. A subsequently promised to pay a higher price for the goods when B refused to deliver at the contract price.
b. A promised in writing to pay a debt, which was due from B to C, on C’s agreement to extend the time of payment for one year.
c. A orally promised to pay $150 to her son, B, solely in consideration of past services rendered to A by B, for which there had been no agreement or request to pay.
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