LAW 122 Midterm: LAW 122 Chapter 8 Notes

• School: Ryerson University
• Department: Law and Business
• Course: LAW 122
• Professor: Theresa Miedema

Document Summary

Week 8 chapter 8 consideration and privity. Consideration refers to the thing that each party provides under a contract. Privity of contract identifies the parties to a contract. A bargain involves a mutual exchange of value. Gratuitous promise: a promise for which nothing of legal value is given in exchange o. I have promised to give you something, but you have not promised to do anything in return. Because we did not have a bargain, we did not have a contract, and because we did not have a contract, i am entitles to change my mind. Consideration: exists when a party either gives (or promises to give) a benefit to someone else or suffers (or promises to suffer) a detriment to themselves. You and i will have a contract if i promise to give to your brother, and you promise to give a car to my sister o. Sufficient consideration: may be almost anything of value.