Asked by Nicole Schutkin on Apr 29, 2024
Verified
Andrew agreed to exchange something clearly without value to enter a contract with Milt. The contract will likely fail for lack of consideration because many courts would consider this a sham.
Sham
A pretense or fake transaction intended to deceive others or for a purpose contrary to law or public policy.
Lack of Consideration
A situation in contract law where an agreement lacks the exchange of something of value, rendering the contract potentially unenforceable.
- Acquire insight into the principles and legal foundations of consideration as pertains to contract law.
Verified Answer
SG
Sallie GriffinMay 01, 2024
Final Answer :
True
Explanation :
Consideration is a fundamental element of a contract, requiring that something of value be exchanged between the parties. If one party agrees to exchange something that is clearly without value, many courts would view this as lacking genuine consideration, rendering the contract unenforceable.
Learning Objectives
- Acquire insight into the principles and legal foundations of consideration as pertains to contract law.
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