Instructions: Identify the Following

question 9

Short Answer

Instructions: Identify the following. Be as specific as possible, and include names, dates, and relevant facts as appropriate. Be sure to explain the significance of the person or term.
National Broadcasting Company

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Definitions:

Consideration

In contract law, consideration refers to something of value that is exchanged between parties as part of an agreement.

Promisee

The party in a contract who is to receive the benefit of the promise or action stipulated in the agreement.

Promisor

A party who makes a promise or commitment in a contract.

Past Consideration

Refers to something of value that was given or an act that was performed in the past, which cannot be considered valid consideration for a current contract.