Business Law – 5/13/09
Bellwork: P. 143 What’s Your Verdict? Q&A
Objectives:
- Describe when consideration exist under limited circumstances
- Recognize what is not consideration
Notebook: 8-2 Notes
Classwork:
- P. 146 1-6 & (7-9 Q&A)
- Terms & Questions
1. output contract
2. requirements contract
3. liquidated debt
4. accord and satisfaction
5. release
6. composition of creditors
7. Explain why courts recognize output and requirement contracts as supported by consideration
8. Give an example of existing duty.
9. Under what situations is consideration not binding?
10. When is what appears to be binding consideration not truly binding?
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