BUL 3130 Lecture Notes - Lecture 7: Estoppel, Contract
Document Summary
Chapter 15: consideration- legally sufficient value that an offeror bargains for and an offeree gives i(cid:374) e(cid:454)(cid:272)ha(cid:374)ge for the offeror"s offer. The (cid:862)give a(cid:374)d take(cid:863) of the (cid:272)o(cid:374)tra(cid:272)t. The price, value given, or legal detriment promised: o(cid:373)ethi(cid:374)g that (cid:455)ou give up i(cid:374) e(cid:454)(cid:272)ha(cid:374)ge for the other part(cid:455)"s legal value (cid:373)ust (cid:271)e something you had a legal right to do, hamer v. sidway (1891) Idea of legal detriment came from this case. Not generally concerned with the adequacy of consideration. Exceptions are when it seems like fraud. Promises to pay debt barred by the statute of limitations.
