BSLW1102 Chapter Notes - Chapter 15: Uniform Commercial Code, Estoppel
20 Jun 2016
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A. 1. a) is what each party to a contract gives up to the other in making their agree- ment. A. 2. a) something of value must be given or promised (money, services, property, or the forbearance of a legal right) A. 2. b) in return for performance or or promise of performance of the other. A. 3. a) defines consideration as a benefit received by the promisor or detriment incurred by the promisee: gifts. B. 2. charity pledges are because project are taken with the assumption of funding. B. 4. b) no contract without a consideration she has no right to the house because she had nothing to offer: adequacy of consideration. C. 1. fair return is on the burden of those signing outside of fraud: forbearance as consideration. D. 1. refraining from doing an act that an individual has a legal right to sod, or it may consist of a promise of forbearance. E. 1. when one party s promise contains either no obligation to only an apparent obligation to the other.
