LAW 1310 Lecture Notes - Lecture 8: Uniform Commercial Code, Damages, Estoppel
20 Mar 2018
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A gift is a gift and is never a consideration. A gift can never be a consideration except two situations: detrimental reliance, promissory estoppel (another name of detrimental) We see this in an employment contract. When someone leaves the job, he/she agrees on not competing with their formal employees. If an employer leaves the job, he/she is not allowed to take the employer list so as to not steal their employees. Minors lack mental capacity and so you are unable to sign a contract. You can disaffirm the contract, in other words, you could walk away from the contract if you think you made a mistake and want an improvement. Another thing that makes a contract unenforceable is contract fraud. Illegality of the subject matter of that contract. Since they both make the mistake, the contract is no longer valid. But a precise legal term in a breach of contract.
