MGSC30H3 Lecture Notes - Lecture 8: Estoppel, Himalaya Clause
Document Summary
Topic: contracts consideration, privity of contracts and assignment. Gratuitous promise: promise for which nothing of legal value is given in exchange. Consideration: exists when party either gives (or promises to give) a benefit to someone else or suffers (or promises to suffer) a detriment to themselves. Sufficient consideration: may be almost anything of value. Adequate consideration: has essentially the same value as the consideration for which it is exchanged does not have to have adequate consideration for a contract to be enforceable. Forbearance to sue: promise to not pursue a lawsuit. Mutuality of consideration: requires that each party provide consideration in return for other party"s consideration. Past consideration: consists of something that a part did prior to the contemplation of a contract. Pre-existing obligation: obligation that existed, but was not actually performed before the contract was contemplated. * an act that was actually performed before a contract was proposed cannot provide consideration for that agreement.
