SCMA 323 Chapter Notes - Chapter 11: Estoppel, Gie
17 Feb 2017
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Something of legal value given in exchange for the a promise. Necessary for the existence of a contract. Elements: something of legal value must be given, there must be bargained-for exchange. Legal value: a contract is considered supported by legal value if. Promisor receives a legal benefit (gained something) Bargained-for exchange: process of bargaining or inducement that leads to an enforceable contract, naturally present in most business contracts. Gratuitous promises: unenforceable due to lack of consideration. Gra(cid:374)d(cid:373)a tells (cid:455)ou shell gi(cid:448)e (cid:373)o(cid:374)e(cid:455) after the se(cid:373)ester (cid:894)(cid:455)ou did(cid:374)"t do anything in return: promise freely given and not induced by promise of some benefit. Completed gift promises are not revocable: you (cid:272)a(cid:374)"t take the gift (cid:271)a(cid:272)k. Illegal consideration: a promise to refrain from doing an illegal act, e(cid:454). Ca(cid:374)"t sue for (cid:862)i did(cid:374)"t har(cid:373) hi(cid:373) or her so the(cid:455) o(cid:449)e (cid:373)e (cid:373)o(cid:374)e(cid:455)(cid:863)
