Business Law I Chapter 9 Answers - 1010 Words

Chapter 9 Answers: 1. Consideration consists of mutual exchange of gains and losses between contracting parties. In the exchange, a gain by the offer is at the same time a loss to the offeror. The legal term used to designate the gain that each party experiences is that party s legal benefit. Consideration has three characteristics 1) The agreement must involve a bargained-for exchange; 2)the contract must involve adequate consideration; and 3) the benefits and detriments promised must themselves be legal. 2. A legal detriment can be any of the following: 1) doing something that one has a legal right not to do; 2) giving up something that one has a legal right to keep; and 3) regaining from doing something that one has a legal†¦show more content†¦In reaching this doctrine, courts have accepted the principles of justice and fairness in protecting the party receiving the promise from otherwise unrecoverable loses. 10. Shopping online is one of the fastest growing market place s on record. Despite its many advantages (quick amp; efficient, comparison shopping, availability of hard-to-get products) , there are many difficulties: - Cyber-payment option: Wide variety of methods. One of the most popular methods is by credit/debit card. Most online sellers will accept the major credit cards such as Visa, Master Card. This type of system protects both the buyer and the seller. This process may become the most acceptable process because most of the times when people buy and sell in cyberspace they are dealing with strangers. The online payment process eliminates the identity verification problem. This is important because one of the biggest concerns about online shopping is security. - Cyber-Payment Security Issues: the ease and efficiency of using credit/debit cards is frequently offset by the security concerns associated with their use. The US is not up-to-date as the EU in providing data and privacy protection to its consumers. The EU Data Protection Directive along with EU E-Privacy Directive guarantee the rights of European citizens while at the same time ensuring the smooth exchange of data among those nation-states that honor the privacy and data protection standards themselves. USShow MoreRelatedLeg 100 Business Law I Quiz 1918 Words   |  4 PagesCourse Business Law I Quiz 1 LEG100 This quiz consist of 20 multiple choice questions and covers the material in chapters 1 through 4. There are five questions from each chapter. 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