LAWS 3003 Study Guide - Final Guide: Fredericton International Airport, Clean Hands, Reasonable Time
12 Apr 2017
School
Department
Course
Professor
Document Summary
Example of the seal (pre-consideration days) where courts were willing to enforce agreements which had been sealed with a promisor"s seal. And the presence of the seal was taken as evidence of intention to be bound. There is another situation where you do not require consideration: promissory estoppel. Consideration must move from the promissee, the requirement of consideration as met when it flowed between the two persons to the contract. Similar to consideration, it is the notion that a contract only binds the parties to consideration. When they make a contract, they are essentially creating their own little code of rules. Doctrine attempts to encapsulate that self-creation world. Privity means that a contract can only impose rights and obligations arising under it on those who are privy or party to it and not on any other persons. Only parties to the contract (to the consideration, who are privy) get rights and duties under it.
