BLAW 2013 Lecture Notes - Lecture 15: Law Of Obligations, Oral Contract
21 Mar 2017
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Value given in return for promise(for bilateral)/ performance (for unilateral) Price which a person charges for a promise . 2 elements of consideration: 1) legally suf cient value, promise to do something one has not prior legally duty, performance of action one is otherwise not obligated, forbearance: refraining from action one has legal right. Consideration in bilateral= promise in return for promise . Consideration in unilateral= promise in return for performance : 2) bargained for exchange. Adequacy of consideration= not considered (can make great/ worse deal) Lack of consideration: pre-existing duty rule. Promise to do what one already has legal duty= not consideration (imposed by law or arise out of previous contract) Party bounded by contract to perform certain duty duty= not serve as consideration for 2nd contract. []trevor, a outstanding major league baseball pitcher, substantially contributed to his team"s making it to the 7th game of world series.
