LAW 122 Lecture Notes - Lecture 8: Estoppel

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Consideration definitions: gratuitous promise, promise for which nothing of legal value is given in exchange. 185) two people create an agreement by exchanging a peppercorn for a horse. The peppercorn has some value (and therefore is sufficient consideration), but it certainly is not worth as much as a horse (and therefore is not adequate consideration). Forbearance to sue: promise to not pursue a lawsuit, plaintiff promises not to bring the matter into court and the defendant agrees to pay less money than they allegedly owed. Obligation that existed, but was not actually performed, before contract was anticipated. Pre-existing contractual obligation owed to a third party. A promise to perform a pre-existing obligation that previously arose under a contract with a third party can be good consideration for a new contract. Pre-existing contractual obligation owed to the same party. Gilbert steel ltd. v university construction ltd. (1976), pg. It would be enforceable only if it were accompanied by fresh consideration; the.

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