BU231 Lecture Notes - Lecture 5: Covenanter, Estoppel
Document Summary
Consideration: the price paid for the contract, usually 10552$, (cid:271)ut does(cid:374)"t have to (cid:271)e, price could be performance, price could be services/goods in trade. Gratuitous promise: no consideration = no contract. Equitable estoppel: court exercising equitable jurisdiction to prevent a party from denying his or her promise, at present, can only be used as a shield not a sword (i. e. a defence not a cause of action) Consideration seals: a(cid:272)t of seali(cid:374)g a do(cid:272)u(cid:373)e(cid:374)t (cid:373)ea(cid:374)t that the (cid:272)ove(cid:374)a(cid:374)ter adopted the do(cid:272)u(cid:373)e(cid:374)t as his/her (cid:862)a(cid:272)t a(cid:374)d deed(cid:863, solemn promise, no consideration required.
