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Lecture

ADMS2610-Session2-Ch8.docx

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Department
Administrative Studies
Course
ADMS 2610
Professor
Robert Levine
Semester
Summer

Description
ADMS2610 Session 2 Chapter 8 (pg. 141-150) Requirement of Consideration Nature of Consideration - A form of the bargaining theory - The “something” that the promsior receives in return for the promisor’s promise - Consideration (something that has value in the eyes of the law, and which a promisor receives in return for a promise) - Takes many forms (payment of money, performance of a particular service, delivery of property) - Consideration for a promise must exist for the contract to be legally binding - Gratuitous promise o A promise not accompanied by consideration o The promisor must get something in return for the promise or the promise is merely gratuitous o Not enforceable under law o Exceptions:  Gratuitous services must be performed with care and skill (negligence still applies—sue in tort not contract)  Negotiable Instruments (promissory notes) where one is still liable on a check or note, and to subsequent endorsers even though no consideration exits  Charitable donations as most donations are gratuitous promises  If charity can show a specific project undertaken on strength of a donor’s pledge may be a enforceable promise o Needs to be substantial portion o Not enforceable if it is not a significant donation o Difficult to enforce without strong consideration Seal as Consideration - Seal (a formal mode of expressing the intention to be bound by a written promise or agreement) o Usually takes the form of signing or affixing a wax or gummed paper wafer beside the signature, or making an engraved impression on the document itself o A major exception to the requirement for consideration in a contract o The deliberate act of placing a seal on a document is intention to be bound by the agreement o Contract under seal requires no consideration Tenders - Different than the ordinary offer - An invitation to submit offers - Firm asking for tender can reject or accept such tenders - If tender is an offer, rules of revocation say it can be revoked anytime before acceptance - Tender uses seal to render offer irrevocable; - Tender uses payment as money (deposit) as consideration Adequacy of Consideration - Court is not conc
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