GMGT 2060 Lecture 35: Lecture Notes All P 173

946: consideration is the price for which the act or other party is bought. So long as the promisor bargains for the other party to do something or to promise to do something that they otherwise would not do, the promisor will have received consideration. Chattel becomes real property when it is attached to the land. : services, labour, money (also is a sort of property, restraint on freedom (ex. Non-compete clause: most large transactions usually are not immediate, it"s in the future and usually what is being exchanged is the promise. Gratuitous promise: a promise without a returning consideration is gratuitous and not enforceable by laws of contract. There needs to be an exchange made of some sort: contracts without consideration, i. e. with an element missing, are void.