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

Chapter 8 Consideration and Privity

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Department
Law and Business
Course
LAW 122
Professor
Jane Monro
Semester
Winter

Description
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
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