Talk:Huron University

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Did You Know An entry from Huron University appeared on Wikipedia's Main Page in the Did you know? column on 8 May 2006.
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In creating this article, I also consulted the defunct-Si Tanka University's also defunct-website using the Google's cache feature to gather more information about the formation of the Si Tanka period of Huron University. -- Bobak 19:33, 5 May 2006 (UTC)

  • THey sold it for a buck?
Yes, back in the 80s, the school and city made an arrangement to save the school from closing in allowing the company to come in and manage the school for three years (likely to encourage them to see if there was any profit to be made in it) and then purchase it afterwards to keep it going. Purchase prices of a dollar are common as symbolic gestures when something is being handed over but there needs to be somekind of legal consideration. -- Bobak 17:33, 8 May 2006 (UTC)

It is MUCH more than symbolic when a purchase price is a mere buck. There ARE legalities involved. For a contract to be legal there must be an exchange, what is known as "consideration" between the partied. That one buck ensured the deal was a legal binding contract. The topic IS more in-depth and complicated but unti a full-fledges lawyer chimes in BusLaw101 will have to suffice. The lovable affable bulbous bouncy Obbop told yah' this. Burp.68.13.191.153 01:24, 11 April 2007 (UTC)

Really? You just stated the obvious and managed to miss another point: Is $1 substantial consideration? No, as insufficient consideration is a cause of action. With that said, there is an understanding in contracts that the symbolic $1 can be used as a stand-in under certain contracts. --Bobak 16:41, 11 April 2007 (UTC)