what about if someone sells me a bike for 500£ but I only have 200£ at the moment and promise to pay the rest of the amount later ? Is there a contract that is enforceable ??
Absolutely. There is a mutual exchange of value. One party forgoes use of their money in exchange for a promise to repay the sum plus interest at a later date.
Are the examples your giving of goods or services? If I didn't mow my lawn once out of say consideration for a hungover neighbor, it wouldn't mean I would never mow my lawn again. That And if someone was selling goods and say someone was making payments on the goods to acquire ownership of said goods, then the as a matter of good buisiness the agreed upon price should stand. If it's stock or speculative then value fluctuations would come into play. If demand goes up, so does the value. If the value goes down, so does the price. If it is devalued with intentions of keeping the price low, is that an ethical practice?
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what about if someone sells me a bike for 500£ but I only have 200£ at the moment and promise to pay the rest of the amount later ? Is there a contract that is enforceable ??
What about I will pay you $100 if you pay me back with interest later. Do loan contracts have the proper consideration?
Absolutely. There is a mutual exchange of value. One party forgoes use of their money in exchange for a promise to repay the sum plus interest at a later date.
Are the examples your giving of goods or services? If I didn't mow my lawn once out of say consideration for a hungover neighbor, it wouldn't mean I would never mow my lawn again. That And if someone was selling goods and say someone was making payments on the goods to acquire ownership of said goods, then the as a matter of good buisiness the agreed upon price should stand. If it's stock or speculative then value fluctuations would come into play. If demand goes up, so does the value. If the value goes down, so does the price. If it is devalued with intentions of keeping the price low, is that an ethical practice?
With a few exceptions, the court must find that the parties have exchanged something of legal value. What do we call that?
makes sense, but how are adhesion contracts even created? thanks
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