BLBU 2234 Lecture Notes - Lecture 5: Fair Market Value, Wanted Poster, Estoppel
22 Feb 2019
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Something of value has to be exchanged: every right has some value, legal sufficiency, either detriment to promisee or benefit to promisor. Obligation to do something you didn"t have to do before. Has to be sufficient of sufficient value: thing of value is part of valid bargain for exchange, fair market value is not legal concept (economic concept) Change modify already existing contract need new consideration. Ucc: if both parties want to change contracts, don"t need new consideration: good faith. Unilateral = one part makes promise must be supported by consideration to be binding. Bilateral = both parties make a promise to make binding must be supported with consideration from both parties. Justifiable reliance can enforce promise: promissory estoppel: doesn"t mean can"t enforce a promise. Knowing they will get party to do something they wouldn"t have. Promissory estoppel: doctrine prohibiting party from denying promise when promisee takes action/forbearance to detriment reasonably based upon promise.
