Kim vs. Sons Case – Case Study Example
The paper "Kim vs. Son’s Case" is an outstanding example of a law case study.
The contract in Kim vs. Son’s case lacks consideration. The case, therefore, is not enforceable. In determining the existence of a consideration, the contracts ought to have reflected the fact that contracts must be a two-way street. The two parties in this case Kim and son must have had the consent of agreement at the onset of their contract. A written consideration must have signatories from both parties in the agreement to enable the case to be feasible in the court of law. As to the effect of the business contract agreement, there is no provision in the law that binds Son liable over Kim’s investment. Son only thought liable out of humanity and not legally (Marson, 2013).
Besides, both the parties must always gain a valuable profit from a business contract. The case does not stipulate an agreement of the benefits that would accrue to either party. Son operates the business out of respect for Kim but has no legal bidding or entitlement to resultant benefits from the business (Marson, 2013). The contract would have been considerable if it were non-partisan. On the contrary, Kim enjoys all the benefits of his investments at the expense of the operator.
In addition, there should be a clue of promise to advance a valuable thing to either the parties. In this case, Kim does not promise Son of something valuable out of the operation of the business. Moreover, as per the rules of consideration, both parties in the agreement must be in agreement to a drafted ruling of what needs exchange during the transactions. Either party ought to have known the extent of liability involved in the business contract between them (Marson, 2013). Son, therefore, was not responsible for any debts or liabilities that Kim’s business would experience. Son was only an operator with no business legal bidding.