LAW 122 Study Guide - Final Guide: Bruce Gilbert
2 Apr 2017
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Anything that law recognizes as having value ($, goods, services, land) Love and affection have no legal value. Forbearance to sue (=give up right to pursue a lawsuit) is sufficient consideration if legal claim is valid. Consideration does not need to be adequate. Law does not protect people from foolish bargains. Basically, the value of exchange do not need to be equal. For eg. if you buy a sell a laptop and they pay by taking you to dinner. No mutual agreement that she would pay for saving her. Also what he did in the past cannot be used to create a contract now. E. g. promise to pay given after service provided. Promise to perform duty owed to third party. Old contract promise repeated for new contract. I"ll perform contract with another person if you pay me . New benefit for new party under new contract. You acquire right to enforce my performance.
