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Please IRAC (Issue, Rule, Application, Conclusion) the follwoing scenario 132. Consideration. Daniel, a recent college...

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Accounting

Please IRAC (Issue, Rule, Application, Conclusion) the follwoing scenario

132. Consideration. Daniel, a recent college graduate, is on his way home for the Christmas holidays from his new job. He is caught in a snowstorm and is taken in by an elderly couple, who provide him with food and shelter. After the snowplows have cleared the road, Daniel proceeds home. Daniels father, Fred, is most appreciative of the elderly couples action and promises to pay them $500. The elderly couple, in need of funds, accept Freds offer. Then, because of a dispute between Daniel and Fred, Fred refuses to pay the elderly couple the $500. Discuss whether the couple can hold Fred liable in contract for the services rendered to Daniel. (See Agreements That Lack Consideration.)

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