BLAW 2200 Lecture Notes - Lecture 10: Estoppel
31 Oct 2017
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Blaw 2200: chapter 10: consideration: what a person will receive in return for performing a contract obligation. Examples of consideration: benefit to promisor, detriment to promise, promise to do something, promise to refrain from doing something. Rules of consideration: for a promise to be enforces legally, there must be a consideration, exception promissory estoppel, one party makes promise knowing other party will rely on it, other party relies on promise ( actual reliance ) Justice dictates enforcement of promise, even though it is not supported by consideration: court rarely considers adequacy of consideration. Illusory promise does not constitute consideration: past consideration does not constitute consideration for purposes of present contract, promise to do something you are already legally obligated to do is not valid consideration ( pre-existing duty rule )
