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Case - Essay Example

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Together they opened a joint account where each one of them deposited money. After sometime, the two separated and the plaintiff Thelma, approached the court to enforce two written…
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Download file to see previous pages Through the bill of sale, Riley transferred to Thelma one-half undivided interest in seven units of the property. Through the assignment, Riley also assigned one-half undivided interest in the lease property. This interest included the right of survivorship in favor of Thelma for the other half interest held by Riley. The consideration for both of these agreements was $1.00.
The two separated and Thelma went to court seeking to end their domestic partnership as well as enforce the two agreements. According to Riley, the two agreements lacked consideration. On the other hand, Thelma argued that their pending engagement and the amount that she had deposited into their joint account was sufficient consideration for the enforcement of both agreements.
The trial court upheld the agreement and divided the property in accordance with the sale agreement as well as the assignment. Riley was not satisfied with the decision of the trial court and went to the Court of Appeal of Tennessee to appeal against the decision of the trial court.
Reasons: the court looked at the two agreements and examined them to check whether the four elements that a valid contract should fulfill were present. These four elements are offer, acceptance, consideration and intention to enter into a legally binding contract. The court in looking at the element of consideration, ruled that it was adequate. In a contract, consideration need adequate but sufficient. The court stated that consideration however small is sufficient consideration. It is the responsibility of the seller to seek
Consideration is the element that distinguishes a gift from a sale and in this circumstance; the court held that the detriment suffered by the defendant in this case does not have to be equal to the responsibility that is assumed. So long as there was no fraud in passing the interests, the court could ...Download file to see next pagesRead More
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