BUL-3310 Lecture Notes - Lecture 15: Estoppel
22 Oct 2017
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Bargain theory of consideration: benefits and detriments, elements of a bargain, adequacy of consideration, recitals of consideration. If nothing is paid for a promise, the courts will not enforce it because the element of consideration is missing: the surrender of any legal right is a detriment whether of substantial. Adequacy of consideration: generally, courts have not attempted to weigh the consideration received by each party to determine if it is fair in the light of that which the other party gave. It has been sufficient in law if a party received something of legal value for which he or she bargained: the law is concerned only with the existence of consideration, not with its value. Illusory promises: requirement and output contracts, preexisting duty, modification of non-code contracts, modification of code contracts, discharge of liquidated debts and claims, discharge of unliquidated debts and claims, forbearance.
