Share
Explore BrainMass

Contract Litigation

How can anyone judge whether or not there is consideration if you are outside of the transaction? (This is a very tricky part of contract litigation, because apart from actions, how do you prove how someone feels about something?)

How do you judge what is valuable to someone else?

Solution Preview

RESPONSE:

1. How can anyone judge whether or not there is consideration if you are outside of the transaction? (This is a very tricky part of contract litigation, because apart from actions, how do you prove how someone feels about something?) How do you judge what is valuable to someone else?

I located a review using Illinois law to discuss how to approach judge whether or not there is consideration. Generally, as long as the consideration is a bargained-for exchange, the amount the parties assign to a particular asset constitutes legally adequate consideration (Illinois Jurisprudence, Commercial Law ?1:36), unless the amount of consideration is so grossly inadequate as to shock the conscience of the court, then the consideration is insufficient and the contract will fail (United City of Yorkville, 376 Ill.App.3d at 22) (http://www.chicagobusinesslitigationattorneyblog.com/2008/10/illinois_courts_determine_what_1.html).

Let's go over other points to consider in this process of determining if there was sufficient consideration:

O For a contract to be legally binding, it must be supported by consideration.

O Illinois Jurisprudence, Commercial Law ?1:32. Illinois courts have held that consideration is one of the requirements to prove that a valid contract exists. Meyers v. ...

Solution Summary

This solution explains how anyone can judge whether or not there is consideration if you are outside of the transaction? (This is a very tricky part of contract litigation, because apart from actions, how do you prove how someone feels about something?)
It also explores how to judge what is valuable to someone else.

$2.19