BUS 100 Lecture Notes - Lecture 8: Stevedore, Property Insurance, Himalaya Clause

• School: Ryerson University
• Department: Business
• Course: BUS 100
• Professor: Theresa Miedema

Document Summary

Consideraion: exists when a party either gives (or promises to give) a beneit to someone else or sufers (or promises to sufer a detriment to itself. Unless there is consideraion, the courts will not enforce the paries" agreement. Must move from each side of a contract but doesn"t necessarily to the other side. Its enough to promise to provide a beneit to someone else, it doesn"t need to be given to the paries themselves. Privity of contract: determines who can sue and be sued, also determines the paries to a contract. Refers to the relaionship that exists between individuals who create a contract. Only a person who has provided something of value can sue and be sued. Stranger: someone who did not paricipate in the creaion of the contract. Main goal of contracts is to enforce the law. Gratuitous promise: a promise for which nothing of legal value is given in exchange.