وبلاگ خانه تبدیل شباهنگ مرکز تخصصی تبدیل صدا و تصویر
In contract law, consideration is more important and has a higher legal value than monetary value. In unilateral contracts, consideration is the promise made by one party and fulfilled by the other party. In bilateral agreements, both parties make promises that represent a quid pro quo. An illusory promise is the exception and does not apply to mutual obligations in bilateral agreements. This is another apparent exception to the reciprocity rule. Since the obligation to make every effort is implied and enforceable, both parties are bound by the agreement and there is mutual consideration. For example, if Cindy agrees to give Bobby an umbrella “only if it rains on Tuesday,” in exchange for five dollars today, that deal is enforceable. Well, it is possible that Cindy does not have to act under the agreement, the condition is out of her control. Most insurance contracts work in a similar way. A life insurance company only has to pay if the insured dies. However, the insurance contract is supported by the reciprocity of the counterparty, since the insurance company has no control over the death of the insured. A contract is not contradictory if there is a right of withdrawal or withdrawal at any time. However, there is a valid consideration if the right of cancellation or withdrawal is restricted in any way.
Consideration comes in many forms. An appropriate form of consideration can be a promise or a performance. There is reasonable consideration, even if the transaction is not “fair” or the exchange is not for fair market value. However, the general rule is that neither party is related unless both parties are obliged to perform. [1] This means that there must be reciprocity of the consideration or that the contract is not enforceable due to a lack of consideration. A contract is “illusory” and therefore unenforceable if only one party is bound by it. For example, a promise to buy all the goods that the promisor “wants” from a promisor is illusory because the promiser is not obliged to buy anything unless he wants to. The contract must specify mutual performance obligations and a valid consideration. This means that performance is demanded by all parties and in return something valuable must be offered. There are some exceptions to the duty of consideration. At common law, the past does not count, but in these cases no consideration is required: when a promise prescribed by the statute of limitations is reinstated, when a questionable obligation is asserted, when there has been unfavorable confidence in a promise (i.e., the forfeiture of a promissory note), or when a court simply determines that the promisor has a moral obligation to keep the promise.
The UCC also allows one party to exonerate the other party without consideration in the absence of a breach and allows the parties to amend their contract in accordance with Article 2 without consideration. Uniform Commercial Code, §§ ۲-۲۰۹ para. 4 and art. 2-209 para. 1. The official comments on the UCC section add the following: “However, amendments made under this Act must comply with the good faith test required by this Act. The actual use of bad faith to prevent the performance of the original terms of the contract is excluded, and extortion of a “change” without a legitimate economic reason is ineffective as a breach of the obligation of good faith. Nevertheless, these contracts are considered enforceable. It should also be noted that in each of the above examples, courts may infer the responsibility of the “unrelated” party to produce (or consume) a reasonable amount required in “good faith”.
Good faith, as we shall see, is an implicit responsibility inherent in each party to an agreement. UCC allows one party to fulfill a claim or right arising from an alleged breach of contract by the other party without consideration. This is achieved by providing the other party with a signed written waiver, an informed choice in which one waives the right to seek any otherwise available remedy. or waiverA formal rejection of something, such as a contract. Uniform Commercial Code, Articles 1 to 107. This provision applies to any contract submitted to the UCC and is not limited to the sales provisions of Article 2. Contract law generally requires a person to receive consideration for making a promise or agreement. Legal consideration is a valuable asset that is exchanged between two parties at the time of a promise or agreement.
Usually, some form of consideration, either a currency exchange or a promise to refrain from any action, is required for a contract to be legally enforceable. However, in attempting to ensure justice or fairness, a court may enforce a promise without consideration, provided that the promise has been reasonably used and that recourse to the promise has resulted in a disadvantage for the promiser. An exit contract is a comparable circumstance, but the other side of the coin. Here, the buyer agrees to buy everything the seller can produce at a certain price. If, instead of owning a small grocery store, Doug owned a chain of large grocery stores and his need for Ben`s yogurt was greater than what Ben Court produces, he could agree to buy all the yogurt when Ben could produce at a certain price. This is a production contract since Doug agrees to buy all of Ben`s production. A valid contract contains a promise for a party to provide services or goods. The other party must pay a certain amount for these goods or services or provide some other form of compensation in return. However, an illusory treaty contains only the illusion of a promise. This applies whether it is an oral or written agreement. On the other hand, let`s say Cindy agreed to give Bobby an umbrella “just if I remember bringing it on Tuesday” in exchange for five dollars today. Here, the onset of the disease is completely under Cindy`s control.
She may decide to “remember” to bring the umbrella on Tuesday. Therefore, he is not bound by anything beyond his control. Their promises in the contract are therefore unenforceable due to a lack of reciprocity of consideration. Reprocessing allows, in certain circumstances, the performance of contracts for prior examination. It provides the following in section 86, “Promise for the benefit received”: An illusory promise is a promise that is unenforceable. This is due to a lack of reciprocity or vagueness in which only one party is obliged to perform.3 min of reading We have examined the meaning of this prohibitive sentence in Chapter 8 “Introduction to Contract Law” (remember the English High Trees case). This is another type of promise that the courts will apply without consideration. Simply put, the confiscation of promissory notes has the prohibition of refusing a promise if someone else relied on it later. .
