BLAW 2301 Lecture Notes - Lecture 5: Estoppel
Document Summary
Consideration - the inducement, price or promise that causes a person to enter into a contract and forms the basis of the parties" exchange. Two basic elements of consideration (bargain and an exchange) Value - both parties must get something of legal value. Bargained for exchange - the parties must have bargained for whatever was exchanged and struck a deal. Act - any action that a party was not legally required to take in the first place. Forbearance - giving up for refraining from doing something that one had a legal right to do. Hamer v. sidway - law was different in 1890, uncle says he will give nephew for not drinking, smoking or gambling until he"s 21. Nephew was legally allowed to do this during time period. Uncle dies and estate refuses to pay nephew, and court says that the nephew must be paid because refraining doing something that would be legal is forbearance.
