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1) What is consideration in contract law?  Can “good vibes” be considered consideration? 2) What is a...

1) What is consideration in contract law?  Can “good vibes” be considered consideration?

2) What is a release?  Can you sue after you agree to a release?

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Answer #1

1) What is consideration in contract law?  Can “good vibes” be considered consideration?

  • Consideration in contract law is simply the exchange of one thing of value for another
  • It is one of the six elements that must be present for a contract to be enforceable
  • Consideration is vital in contract law, as a valid contract must include consideration for every party involved
  • Consideration must be of value and is exchanged for the performance by the other party
  • “good vibes” cannot be considered consideration as they cannot be exchanged for another thing

2) What is a release?  Can you sue after you agree to a release?

  • A release is an agreement not to sue
  • it waives your right to sue and company and "releases" your employer from legal liability for claims you may have against it
  • Whether you can sue after signing a release depends on the facts, the wording of the release, and your state's law, among other things.
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