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Lecture

Consideration and Intention to Create Legal Relations - Chapter 6

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Department
Accounting
Course
ACTG 2P40
Professor
P.Maloney
Semester
Fall

Description
Consideration and Intention to Create Legal RelationsChapter 6 Consideration 1 Definition y the price for which the promise of the other is bought y ie some right profit interest or benefit accruing to the one party or some forbearance detriment loss or responsibility given suffered or undertaken by the other 2 Rules for Consideration y benefit can flow from third party y exchange must be for some value but does not need to be even value y consideration must be agreed upon 3 Gratuitous Promise y gratuitous promise vs gift y requirements for gift i intention to give ii delivery iii acceptance 4 Adequacy of Consideration 5 Past Consideration y equals no consideration 6 Performance of an Existing Duty y need fresh cons
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