1: Consideration
Discuss the following scenario with your classmates:
Julie offers to sell a bracelet to Rita for $10. Rita accepts this offer by giving $10 to Julie, and Julie gives the bracelet to Rita. Rita then brings the bracelet to a collector, who informs her that the bracelet, because of the place where it was made, is worth $200.
- Is this a valid contract? Review the elements of a valid contract, which have been discussed thus far in this course, as you respond to this question.
- Define consideration and explain why you are of the opinion that there is or is not consideration present in this factual scenario.