The Case Of Kim V. Son Essay

706 Words 3 Pages
With the case of Kim v. Son the document that Stephen Son made at the sushi restaurant over drinks by using his own blood to compose the document lacks consideration. For the document to have consideration Stephen Son and Jinsoo Kim needed to produce a document that had a valid exchange between the two parties. Consideration is composed of two basic elements, value and exchange which decide whether the consideration is valid or not (Beatty & Samuelson, 2013).
To have value, both parties must get something of value from the contract that is able to be measured (Beatty & Samuelson, 2013). In the case of Kim v. Son, Son was not getting anything from the contract of measurable value. Son was going to try to repay Kim back the money that he invested in the two corporations that Son was part owner and operator of that ultimately failed costing Kim $170,000. In the contract that Son composed in the restaurant, the contract did not state a definite amount, payment plan, or date by which Son needed to have Kim repaid. In exchange for repayment of the funds lost Kim was not offering anything of measurable value. Kim instead was offering not to sue Son for losing the funds Kim invested and lost. Kim not suing Son has no measurable value. Kim invested funds in a corporation and no one is personally held responsible for the loss of funds because it is a corporation. Kim’s promise not to sue in exchange for repayment of his lost investment has no measurable value…

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