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Chpt 6 Formation of a Contract.docx

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Department
Accounting
Course Code
ACTG 2P40
Professor
P.Maloney

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Chpt 6 Formation of a Contract: Consideration 3. (a) Consideration  Consideration in its most basic form is the exchange of promises; rights, interest or some form of benefit accruing to both parties involved in the contract- on the other hand some detriment or loss that is giving to a party.  in order to have a fully binding contract , the contract must entail consideration to both sides of the party  consideration generally comes after the Offer and Acceptance  consideration may also be a promise not to do something (b) Consideration vs. Gratuitous Promise ( gratuitous promise ------- > Gift ) (c) Adequacy of Consideration ( irrelevant to court) i) exceptions to adequacy to consideration may be if evidence points to duress, fraud or if one of the parties are under the influence (d) Past Consideration ( “ past consideration is no consideration ) (e) Performance of an Existing Duty i)Performance of Existing Contractual Duty ( only if fresh consideration) ii)Performance of Existing Statutory Duty (f) Promissory Estoppel or Equity Estoppel  promissory estoppel is an exception to performance of exiting contract---- - it holds that if existing contract exist and one party agrees to forgo rights or all rights in contract and the promisee relies in this to the point in which it would cause great hardship if the promisor were to go back on it---- defence is Promissory Estoppel ( the Hightrees Landlord tentant case $5000->$2500)  “ promissory estoppel may one be used as a shield and not a sword”
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