LAW 122 Lecture Notes - Novation, Estoppel
19 Apr 2013
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Document Summary
Main reason for contract law is to enforce bargains. Gratuitous promise: is a promise for which nothing of legal value is given in exchange. Creation of contract generally depends on an exchange of value. Consideration: exists when a party either gives (or promises to give) a benefit to someone else or suffers (or promises to suffer) a determinant to itself. Sufficient consideration: may be almost anything of value. Adequate consideration: has essentially the same value as the consideration for. Judges generally wanted to avoid becoming involved in intimate matters which it is exchanged. Is a promise not to pursue a lawsuit. Mutuality of consideration: requires that each party provide consideration in return for the other parties consideration. Past consideration: consists of something that a party did before entering into a contract. Person who owes a pre-existing public duty cannot rely upon the obligation as consideration for a new contract.
