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The purchasing manager of Ethan Wholesale Furniture,Inc.sends an e-mail to the CEO of Ashley Furniture,Inc.promising to sell new couches for a total of $5,000,and to keep the offer open for 30 days.The promise is unenforceable because there is no consideration.
Consideration
An element of a contract involving something of value exchanged between parties, which can include money, services, or promises, necessary for a valid contract.
A method of exchanging messages between people using electronic devices, widely used for both personal and professional communication.
Promise
A declaration or assurance that one will do a particular thing or ensure that a particular thing happens.
- Identify the applicability and conditions of agreements according to the Uniform Commercial Code (UCC).
- Gain an understanding of the conditions and impacts of definitive promises and pacts within the scope of the Uniform Commercial Code.
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Learning Objectives
- Identify the applicability and conditions of agreements according to the Uniform Commercial Code (UCC).
- Gain an understanding of the conditions and impacts of definitive promises and pacts within the scope of the Uniform Commercial Code.
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