(However, a promise made up to his eighteenth year would not be binding, since he would still have been a minor.) Understanding consideration is important in many everyday situations, including those where (1) a debtor and creditor enter into an agreement that is subsequently challenged, (2) an obligation already exists, (3) a promise is illusory, and (4) creditors agree to a settlement. If a contract is found to be unenforceable, the court will not force one party to act or indemnify the other party for non-performance of the terms of the contract. While the elements of an enforceable contract (offer, acceptance, consideration) may seem simple, there are strict standards of applicability. A contract can be rendered unenforceable for many reasons related to the circumstances of the signing, the terms of the contract itself, or events that occur after the contract is signed. In another older case, a man`s deceased wife had wanted to leave her loved ones two hundred dollars each after her death.
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