Assignment task:
A contract is not enforceable unless it is supported by valid consideration. Not surprisingly the issue of consideration arises in two general areas of scenarios: when two parties are considering entering into a contract and when one of the parties is trying to get out of obligations: one party argues that there is a binding contract, while the other argues that there is no biding contract, due to a lack of consideration. You are the Chief Contact Risk Manager of a Turbines, Inc.. a manufacturer which enters thousands of contracts each year-e.g., contracts with suppliers, customers, employees, and lenders. Questions The board of directors has asked you to: Identify three factual context (scenarios) in which the issue of consideration is likely to play an important role Explain why you chose those three scenarios Describe at least one policy and procedure to assure that the company's agreements have valid consideration