Question

Business Law:

Discuss the difference and similarities (if any) between common law "Consideration" and the Louisiana civil law "cause". Discuss "consideration" elments and "cause" elements in detail.

Answer 1

Consideration can be seen as the English common law principle which is a part of he law of contract and it is made mandatory for the formation of the contracts. Consideration can be defined as anything that has certain value or worth that has to be given up by all the parties to the contract iin the form of quid pro quo in order to assist their bargain part. If only one arty has a consideration then it will be termed as bare promise and will be not accepted as per law.

On the other hand cause can be seen as the factor which forces the party to commit itself towards an obligation. Any party may be under obligation due to proise when it is known tto it tthat the promise will force the other party to depent on that which can be disadvantageus for it and the other party will be reasonable to depend on it.

Elements of consideration=

The first elemnt of consideration includes the bargaiing with reference to the ters of he exchange process

The second element includes the mutul exchange of a material or value

Elements of consideration=

The existcne of the factors that applies some pressue on the parties to perform something

An existence of promise to pay or to do something in return

The dependence on the other party for the performance