MGMT 644 Lecture Notes - Usury, Inequality Of Bargaining Power, Estoppel
Document Summary
Consideration: must be given before a traditional contract or e-contract can exist. Consideration can come in many forms including tangible payments (money or property), or the performance of an act (providing legal services). Must be of legal value given in exchange of a promise. It can be considered as legal value if promise suffers a legal damage or the promisor receives a legal benefit. Must be bargained for exchange exchange that a party engage in that leads to an enforceable contract. Gift promises: or (gratuitous promise) are unenforceable because they lack consideration. To change a gift promise into an enforceable promise, the promisee must offer to do something in exchange that is, give consideration of promise. Ex: if you promise to give 100,000 dollars but if the person has nothing to get back in return then he can withdraw, but if he has something getting back in return than it"s a contract.
