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Greg bought a painting for $15 at Nancy’s garage sale.  After cleaning the painting up, Greg noticed that it appeared to be an original van Gogh and took it to an art appraiser.  The art appraiser told Greg that the painting was worth approximately $10,000,000. When Nancy learned that the painting she sold to Greg was very valuable, she called Greg and told him that she deserved at least half the value of the painting because the $15 payment did not constitute adequate consideration for a priceless painting. Greg disagrees with Nancy’s allegation and maintains that Nancy is not entitled to anything since he bought the painting from her at a garage sale.  Is $15 adequate consideration for a painting valued at millions of dollars? Explain your answer.

Maria’s mother is worried about Maria’s smoking. Maria’s mother offers Maria $1,000 if Maria quits smoking for one year, and Maria agrees. Is there sufficient consideration to create a binding contract?

An agreement whereby one person agrees to buy or sell the goods produced by the other party.

Mr. and Mrs. Jones offer to sell their four-bedroom house to Mr. and Mrs. Smith for $10,000, and the Smiths agree. The Joneses are the parents of Mrs. Smith. The house has a market value of $450,000. Is there a contract?

Identify which of the following proposed contracts is unenforceable because it is malum prohibitum.

Given the scenario you read, I want you to interpret your correlation coefficient. Answer all 3 parts: Is this correlation positive or negative? (0.5 pts) Is this a strong, moderate, or weak correlation? (0.5 pts) Interpret what your correlation means in the context of the X & Y research scenario you read. (1 pts) Does this correlation make sense in context? Why or why not? (1 pts) Can we claim that X causes Y? Explain your answer in relation to the variables you calculated in the previous questions. (1 pt)

Latin phrase meaning “this for that”; the mutuality of consideration.

Even if all other elements of a contract are present, if it can be shown that the parties did not subjectively intend to form a contractual relationship, there will be no contract. Contractual intent . . .

On her school’s Facebook page, Olivia posts a notice offering to sell her used Torts book for $10. Is this a valid offer?

A situation in which the parties have attempted to create a contract, but in which one or more of the requisite elements are missing, so no contract exists.