Class Notes (835,600)
Canada (509,275)
LAW 122 (825)
Jane Monro (19)

Chapter 8 Consideration and Privity

2 Pages
Unlock Document

Law and Business
LAW 122
Jane Monro

Chapter 8 Consideration and PrivityConsideration Gratuitous Promise is a promise for which nothing of legal value is given in exchange Consideration exists when a party wither gives or promises to give a benefit to someone else or suffers or promises to suffer a determent to itselfSufficient and Adequate Consideration contract must be supported by sufficient consideration Sufficient Consideration may be almost anything of value even promise to give up smoking drinking or swearing exception is love and affection although consideration must be sufficient it does not have to be adequate Adequate Consideration has essentially the same value as the consideration for which it is exchanged example I exchange 5000 computer for you to stop smoking for a yearnot same value but considered sameNOT adequate considerationForbearance to Sue is a promise to not pursue a lawsuit In many cases the parties settle their dispute out of courts they often enter into a contract for that purpose The plaintiff promises not to bring the matter into court and the defendant agrees to pay less money than it allegedly owed If the plaintiffs action wouldve won in court there is consideration on both sides of the contract the plaintiff surrendered the right to claim full damages and the defendant paid money IF the plaintiff wouldve lost the case going to trial it might appear the plaintiff did not give considerationPast Consideration Mutuality of Consideration requires that each party provide consid
More Less

Related notes for LAW 122

Log In


Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.