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Lecture

ADMS2610-Session2-Ch8.docx

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Department
Administrative Studies
Course
ADMS 2610
Professor
Robert Levine
Semester
Winter

Description
ADMS2610 Session 2 Chapter 8 pg 141150 Requirement of Consideration Nature of Consideration A form of the bargaining theory The something that the promsior receives in return for the promisors promiseConsideration something that has value in the eyes of the law and which a promisor receives in return for a promiseTakes many forms payment of money performance of a particular service delivery of propertyConsideration for a promise must exist for the contract to be legally binding Gratuitous promise o A promise not accompanied by considerationo The promisor must get something in return for the promise or the promise is merely gratuitouso Not enforceable under lawo Exceptions Gratuitous services must be performed with care and skill negligence still appliessue in tort not contractNegotiable Instruments promissory notes where one is still liab
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