ANSWERS: 5
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no!... but that person should NEVER ever be disadvantaged
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The answer is Yes. By definition each party must benefit or you do not have a contract. The legal term is valid consideration and it is the very essence of a contract. http://www.lectlaw.com/def/c123.htm CONTRACT - An agreement between two or more competent parties in which an offer is made and accepted, and each party benefits.
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I would hope so! Why enter into a legal contract if your not going to benefit from it?
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No, not in repayment of a loan. The benefit was already received.
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They must receive a benefit or avoid a detriment (which I would argue is one in the same). Otherwise, you simply have a promise to give a gift, which is not enforceable.
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