Asked by George Greer on Jul 27, 2024
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In Welsh v.Lithia Vaudm,Inc. ,the case in the text,the court held that:
A) written agreements,such as an invoice,are presumed to be supported by consideration.
B) there was adequate consideration,making the arbitration clause enforceable.
C) no additional consideration existed where Lithia had a preexisting duty under the oral contract.
D) Lithia's modification was a pre-performance,bilateral demand.
Adequate Consideration
A fair and reasonable value exchanged in a contract, ensuring that all parties receive something of value.
Arbitration Clause
A provision in a contract that requires the parties to resolve disputes through arbitration rather than through litigation in court.
Preexisting Duty
An obligation that a party is already legally bound to, which cannot serve as consideration for a new contract.
- Analyze the role of nominal consideration in contracts and its impact on the enforceability of agreements.
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Learning Objectives
- Analyze the role of nominal consideration in contracts and its impact on the enforceability of agreements.
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