Ted's wallet is as empty as his bank account, and he needs $3,500 immediately. Fortunately, he has three gold coins that he inherited from his grandfather. Each is worth $2,500, but it is Sunday, and the local rare-coin store is closed. When approached, Ted's neighbor Andreaagrees to buy the first coin for $2,300. Another neighbor, Cami, agrees to buy the second for $1,100. A ﬁnal neighbor, Lorne, offers 'all the money I have on me"-SlOO-for the last coin. Desperate, Ted agrees to the proposal. Which of thedeals is supported by consideration? (a) Ted's agreement with Andrea, only (b) Ted's agreements with Andrea and Cami, only (c) All three ofthe agreements (d) None ofthe agreements

Question

Business

Will Baird

13 February, 23:39

Ted's wallet is as empty as his bank account, and he needs $3,500 immediately. Fortunately, he has three gold coins that he inherited from his grandfather. Each is worth $2,500, but it is Sunday, and the local rare-coin store is closed. When approached, Ted's neighbor Andreaagrees to buy the first coin for $2,300. Another neighbor, Cami, agrees to buy the second for $1,100. A ﬁnal neighbor, Lorne, offers 'all the money I have on me"-SlOO-for the last coin. Desperate, Ted agrees to the proposal. Which of thedeals is supported by consideration? (a) Ted's agreement with Andrea, only (b) Ted's agreements with Andrea and Cami, only (c) All three ofthe agreements (d) None ofthe agreements

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Answers (1)

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Lorelei Aguilar · Answer 1

Answer:B. Teddy's agreement with Andrea and Cami, only.

Explanation:

Consideration is anything of value that moves from both parties to a contract, it must equally be specific and devoid of ambiguity.

The agreement with Andrea and Camil both meet these requirements. However the agreement with Lorne is not devoid of ambiguity because we are not sure of the amount of his consideration.