BUSFIN 3500 Lecture 6: 6. Contracts
29 Apr 2017
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Sell book for ; 100 = benefit, book = detriment. Know the other person will rely on promise. Mow lawn, no promise but watching and knows mower thinks he"ll be paid without trying to change that state of mind; buy something with money promised then not received money. They don"t care if you made a bad call or bargain, only if it was fraud or manipulation in some way. Illusory promise - not really committed at all. Mechanic will look, then i"ll look into buying; maybe, probably. Past consideration - can"t use something you"ve already done for future. Bonus for past work, can"t enforce gotta rely. Police, fire can"t enforce reward for lost item; can"t raise price later. Debt - want to pay less ( of ) Liquidated debt - no dispute as to amount or if owed. Can"t get out of it, you guys both know it"s ; can still enforce 300.
