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Explain the significance of consideration in contract formation.

Former professional football player Brad Benson is the owner of a New Jersey car dealership. One of Benson’s marketing strategies is to create and air radio ads that feature an “International Idiot Award.” He generally highlights a person who has gotten negative attention in the media. In 2010, Florida pastor Terry Jones was reported to be planning a public burning of the Quran, the holy book of the Muslim faith, on the anniversary of 9/11. Jones received much attention in the media and was personally asked by high-ranking American government officials to abort his plans because his actions could enrage Muslim extremists and endanger American troops overseas. Benson offered Jones a new car if Jones would call off the book burning. In the end, Jones called a press conference and stated that he would not go ahead with the book burning but his decision was not due to Benson’s ad. However, Jones later contacted Benson to get the new car. Listen to the entire ad ( https://www.youtube.com/watch?v=iEO5DoEPBfw&feature=player_embedded ). In a post of at least 250 words, answer the following questions.

•Explain the significance of consideration in contract formation.
•Explain whether or not a valid contract was formed so that Brad Benson was obligated to give Jones the new car. If you believe a contract was formed identify all the elements of the contract by referring to the actions of Benson and Jones. If you believe there was no contract, identify what elements are missing.


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