BU231 Lecture : Chapter 6.docx
Document Summary
Chapter 6 formation of contract consideration and intention: the meaning of consideration, bargin each party pays a price for the promise of the other, in unilateral contract, the price paid for the offeror"s price paid for the offerors promise is that act done by the offerre, in bilateral contract, the price paid for the each party"s promise is the promise of the other ( consideration, consideration the price for which the promise of the other is bought. Adequacy of consideration: while the consideration given in return for a promise must have some value, the court does not inquire into whether the promisor made a good bargain, the court take the view that assessing the adequacy consideration requires a personal value judgment, and they will not assume that role, the court will only examine the adequacy of consideration if there is some allegation of wrongdoing by one party ex.
