MGSC30H3 Lecture : Chapter 8 Consideration 2.doc
Document Summary
Consideration: something that has value in the eyes of the law, and which a promisor receives in return for a promise. Generally, consideration for a promise must exist for the contract to be legally binding. A promise that is attached with a seal is an enforceable contract. The courts will not normally look behind a contract under seal to determine if consideration exists, because the agreement derives its validity from its form. Only the part who seals a document has obligation under it.
