Business Law I Chapter 9 Answers Essay

1. Consideration consists of mutual transpose of gains and losses between contracting parties. In the exchange, a gain by the nominate is at the very(prenominal) time a loss to the offeror. The heavy term used to designate the gain that apiece society experiences is that societys legal benefit. Consideration has three characteristics 1) The agreement must require a bargained-for exchange 2)the contract must involve adequate condition and 3) the benefits and detriments promised must themselves be legal. 2. A legal detriment stand be any of the following 1) doing something that one has a legal effective not to do 2) giving up something that one has a legal refine to keep and 3) regaining from doing something that one has a legal right to do. 3. The lawfulness will not enforce an agreement that has not been bargained for. An agreement involves a bargained-for exchange when 1) a promise is do in exchange for some other promise, 2) a promise is do in exchange for an act, o r 3) a promise is made for forbearance of an act.4. A court may scraps to enforce a contract or any clause 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 usu all in ally happens when there is a great inequality in bargaining power between the ii parties. 5. Consideration can be a promise not to sue. A promise not to sue, when there is right, or at least the obvious right, to sue, is enforceable when it is supported by consideration. Promising not to sue is forbearance. sufferance of an agreement not to sue, supported by consideration, terminates ones right to continue any lawsuit, presently or on the future, on rail instruction yard described in the agreement.6. There be three ways that the courts can seek to uphold human pledges. The first way involves actual consideration, which occurs when charitable contributions are made on the condition that the promisor be remembered for the collapse by having his or her name inscribed in some way on a memorial associated with the project. Another approach is to use any promissory estoppel or public policy to support the claim. Also, when there is no promise to carry out a specific project, the courts have held each pledge made is supported by the pledges of all others who have made similar pledges. This concept of consideration is used in support of all promises of money for undefined causes.7. If a identificationor accepts as full payment an  add that is less than the amount due, the dispute has been settled by an accord and satisfaction. correspondence is the implied or expressed acceptance of less than what has been billed the debtor. Satisfaction is the agreed-to cloture 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 treasure arguments based on accord and satisfaction . 8. The agreements that be enforceable by a court of law even though they lack consideration are a) Promises under 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 statute of bound enforceable. d) Promises enforced by promissory estoppel enforceable only if offeror knew that offeree would intrust on the promise and offeree places himself in a different and difficult define 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 caller 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 kn ow, or be presumed to know, that the other party exponent otherwise make a definite and decided change of authority in contemplation of those promises. In reaching this doctrine, courts have accepted the principles of justice and fairness in protecting the party receiving the promise from otherwise unretrievable loses. 10. Shopping online is one of the fastest growing market places on record. disrespect 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 twain the buyer and the seller. This surgery may become the most acceptable process because most of the times when people buy and sell in  meshing they are dealing with strangers. The online payment process eliminates the identi ty verification problem. This is big because one of the biggest concerns about online shopping is protection. Cyber-Payment Security Issues the ease and efficiency of employ 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 selective 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 data among those nation-states that admire the privacy and data protection standards themselves. US corporations that are involved with EU corporations must usher 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 Department of Commerce. It is best for a consumer to check directly with the US Department of Commerce to determine the true status of a party rather than just relying on the companys blanket avouchment that they follow the safe harbor standards.