LAW 122 Lecture Notes - Lecture 8: Estoppel
17 Jan 2017
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Consideration: intention to create legal relations, meeting of the minds (offer and acceptance, exchange of value (consideration) From business perspective, a bargain involves more than offer and acceptance. Also involves a mutual exchange of value. Promise is enforceable if purchased (therefore exchange of value) Provide benefit to someone (i. e transfer car and ownership of car) Suffer detriment to self (i. e. pay the ,000 for car) Contract must be supported by sufficient consideration. Money, goods, land, or services, even give up something of personal value i. e. smoking and drinking. Although consideration must be sufficient it does not need to be adequate = exchange of equal value. Courts presume that individuals/businesses look after their own interests, it generally allows them to decide what price (consideration) they will demand. Peppercorn theory: peppercorn exchanged for a horse. Peppercorn has some value (sufficient) but not nearly as much as horse (not adequate)
