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when a promise is made in return for another promise, an act, or a promisenot to act. Bargaining requires that a party will be injured if the otherparty does not keep his or her promise. Of course, the opposite is alsotrue. Both parties gain something when the promises are kept and theexchange is made. Figure 8.1 illustrates an example of a common typeof agreement that involves consideration.Figure 8.1Benefit: The right toreceive the money.PromisorI'll sell youmy car for$3,500.PromiseeLegal Detriment: The promiseto give up the car.ConsiderationLegal Detriment: The promiseto give up the $3,500.PromiseeI'll buy itfor that price.Joseph Duffey1122 Reeling WayFlatwood, MOPromisorBenefit: The right toreceive the carGestures ofKindnessMichael Baird’s carwould not start. He wasstuck in the parkinglot of Turner Field at11:00 P.M. with a deadbattery. As Rich andMarg Spratling droveby, they offered tohelp by jump-startingMichael’s car. The jumpstartworked, and theengine of Michael’s carcame to life. As Richwas disconnecting thejumper cables, Michaelasked for their address.He wanted to sendthem $25 for theirtrouble. Is Michaellegally or ethicallyobligated to sendthe money?CONSIDERATIONConsideration is an exchange of benefits and detriments by theparties to an agreement. Is consideration necessary to make acontract legally binding?Example 1. Abha agreed to let Ulick use her snowboard for theweekend. There was no understanding that Ulick would pay Abhafor using the snowboard. On Friday afternoon, Abha told Ulickthat she would not lend her snowboard to him. Although it isunfair for Abha to change her mind, the agreement contained nobargained-for promise from Ulick in exchange for using thesnowboard. As a result, there was no contract.Something of Value The law has no specific value requirements onconsideration. Consequently, a promise to help a friend clean her roomcan be considered something of value promised. In addition, the valueof the goods or services involved in a contract do not have to be theChapter 8: Consideration 165