BUSAD 120 Lecture 24: BusAd_120_-_LE_24
Document Summary
Definition: something of value bargained for in exchange for a legal binding promise. All contracts have to have consideration to be legally enforceable. Legal detriment and legal benefit are both required by parties. Adequacy on the consideration is not a concern for the court (second rule of thumb of contracts) An example of this would be an agreement between a seller and buyer which states that the seller "agrees to sell all of the ice cream he wants to" to the buyer. One exception, where the law"s going to come to your aid. Where the offeror makes an offer, and then is not allowed to take it back, because the other side relied on that offer to their detriment, and the offeror knew about it and did nothing to stop them. If you can prove that you let the offeror know that you were relying on it, then might be able to enforce.
