Mark Carney wants to purchase a used car for use whenever he is in Prince Edward Island. He finds a private seller, Rob Lantz, on Kijiji and then visits Rob and offers to purchase a 2003 Honda Civic for $28,000. Rob agrees to sell the car to Mark for $28,000 and he prepares a written contract. Mark plans to return within 3 days with the money at which point Rob will give him the keys to the car. At the bottom of the document is a signature block, which Mark and Rob both sign and a witness signs in the witness boxes. Red seals are affixed beside their signatures. Mark does not provide any money or deposit to Rob; he simply signs the document. There is no consideration clause in the document. Which of the following accurately reflects the element of consideration in this case?

Question

Mark Carney wants to purchase a used car for use whenever he is in Prince Edward Island.  He finds a private seller, Rob Lantz, on Kijiji and then visits Rob and offers to purchase a 2003 Honda Civic for $28,000.  Rob agrees to sell the car to Mark for $28,000 and he prepares a written contract.  Mark plans to return within 3 days with the money at which point Rob will give him the keys to the car.  At the bottom of the document is a signature block, which Mark and Rob both sign and a witness signs in the witness boxes.  Red seals are affixed beside their signatures.  Mark does not provide any money or deposit to Rob; he simply signs the document.  There is no consideration clause in the document.  Which of the following accurately reflects the element of consideration in this case?

Answer

consideration is not required on a written contract

Answer

consideration is a required element of a binding contract

Answer

Rob should consider running for Prime Minister of Canada

Answer

a seal on a written contract is an exception to the requirement for consideration

Answer

Mark should consider entering into this contract

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Mark Carney wants to purchase a used car for use whenever he is in Prince Edward...

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