LAW 122 Lecture Notes - Lecture 7: Estoppel, Himalaya Clause, Promissory Note
16 Oct 2016
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A gratuitous promise for which nothing of legal value if given in exchange. Consideration exists when a party either gives (or promises to give) a benefit to someone else or suffer (or promises to suffer) a detriment to themselves. Consideration must move from each side of a contract but not necessarily to the other side: ex. If i promise to give to your brother and you promise to give a car to my sister. In that situation, it is enough that we have both promised to provide a benefit to someone but not necessarily to each other. Sufficient consideration may be almost anything of value. It is sufficient if the person promises to give up smoking, drinking, or swearing. Love and affections is not enough to support an enforceable agreement. Adequate consideration has essentially the same value as the consideration for which it is exchanged. Is a promise to not pursue a lawsuit.
