ADMS 2610 Lecture Notes - Meeting Of The Minds, Uberrima Fides, Life Insurance
22 Mar 2013
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3 elements of contract: parties intend to create legal relations, meeting of the minds, exchange of value (consideration) . Consideration: sufficient & adequate consideration, past consideration, pre-existing obligations, promises enforceable w/o consideration. Privity of contract: assignment, trust, statute, employment. Law enforces bargains supported by consideration (ie. contract) Law does not enforce gratuitous promises (1-sided consideration: this is not contract) Consideration, must: (1) move from each side of the contract; (2)but not necessarily to the other side (benefit could go to someone someone"s sister else) ie. contract: transfer the car to (1) (2) Consideration can be an act or a promise: to do something; or to not do something (including suffering a detriment) ie. if someone"s sister can"t receive the car, he/she can"t sue that party. Benefit someone else (e. g. i"ll pay to your brother if you transfer a car to my sister) Consideration must be sufficient (ie. any legal value) (1)
