[Book Sale] Yasmeen offered to sell Dylan a used business law book for $50. She told him that he could use it in his upcoming business law class the next semester. However, there was a problem with the book; it was several editions old. Dylan was not aware of that fact, and neither was Yasmeen. When Dylan took the book to class and realized the problem, he went back to Yasmeen requesting a refund. Yasmeen refused to return his money. She claimed that she did not commit fraud because subjectively she thought that the book was correct, and that a binding contract existed. The book, however, is outdated and cannot be appropriately used in the class.
-The $50 to be provided by Dylan in exchange for the book to be provided by Yasmeen is considered to be ________ under contract law.
A) consideration
B) material obligations
C) contractual capacity
D) provisions
E) equitable remedies

Question

Quizplus · Accepted Answer

Consideration in contract law refers to something of value that is exchanged between parties in a contract. In this scenario, the $50 offered by Dylan in exchange for the book from Yasmeen represents consideration, which is a necessary element for a binding contract.

[Book Sale] Yasmeen Offered to Sell Dylan a Used Business