Running head: BUSINESS LAW1Business LawNameInstitutionBUSINESS LAWBusiness Law1. If someone asked you to define consideration, what would you tell them? Give an exampleLegally, the definition of consideration relies on the means through which parties involved in an issueboth acquire something that they have agreed. For instance, you can have a neighbor who admires yourtelevision. When you are relocating; you may offer to sell the television to your neighbor at a specificcost. That cost that is what is known as the consideration (Blum, B2007). Considerations is not anelement of a gift and therefore if you promised your neighbor that you would give them the television asno cost then there is no element of consideration since he has not promised to pay anything.2. We know that an infant's contract is voidable, but when is the infant or parent still liablegive examples.The general principle regarding a contract with infants is that such agreement is voidable by the infant.This rule was mainly developed to protect young children who may not fully understand theconsequences of entering contracts. The law, therefore, allows the minors to exit any contact at theirdisc ...
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