Which element of a contract requires something of legal value to be provided in exchange for a promise?

  1. What is true about the acceptance of a contract?
  2. Which element of a contract requires something of legal value to be provided in exchange for a promise?
  3. Jason, a 16-year old boy, enters into a contract with a businessperson to work on a construction project. According to the contract, Jason has to work long hours but will get paid a minimal amount because of his age. Jason, though unfamiliar with contracts, knows that the contract is not fair to him. He decides to cancel it. What gives Jason the right to void the contract?
  4. What will most likely happen when there is a material breach by one of the parties in a contract?
  5. Venus LLC is a supplier for Synergy Corp. These companies have entered into a contract according to which, Venus will supply Synergy with a certain quantity of raw materials every month. In the month of May, Venus realizes that it cannot keep to the terms of the contract due to an unforeseeable worker strike. It informs Synergy of this delay much before the planned delivery date. What type of contract breach is illustrated in the scenario?
  6. Identify the type of damages that are awarded to a nonbreaching party when a breach of contract has occurred but has not resulted in any financial losses for the nonbreaching party.
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