33:140:320 Chapter Notes - Chapter 11: Rebuttable Presumption, Estoppel, Real Estate Broker

• School: Rutgers University
• Department: Business Law
• Course: 33:140:320
• Professor: Charles Soos

Document Summary

If parties make contracts that are not supported by consideration, they are not enforceable. However, the parties can voluntarily perform a contract that is lacking consideration. The catch is that they cannot subsequently assert lack of consideration to undo the performed contract. 11. 1 consideration: something of legal value given in exchange for a promise (declaration/asking for something). Written contracts are presumed to be supported by consideration. However, this is a rebuttable presumption and can be overturned by sufficient evidence. In addition, there are two elements that make up considerations: of legal value. Under modern law of contracts, a contract is considered to be supported by legal value if: the promisee suffers a legal detriment or the promisor receives a legal benefit, bargained-for exchange. To be enforceable, a contract must arise from a bargained-for exchange. In most business contracts, the parties engage in exchanges. The commercial setting in which business contracts are formed leads to an enforcement of a contract.