LAW 122 Final: Consideration

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

Document Summary

Exists when a party either gives (or promise to give) a benefit to someone else or suffers (or promises to suffer) a determinant to themselves. Law will not enforce gratuitous promises (promises given for free): gratuitous promise: a promise for which nothing of legal. Consideration can be either a benefit or a determinant. value is given in exchange: each party must either, promise to provide benefit to someone, promise to suffer determinant to self. Consideration must move from each side of a contract but not necessarily to the other side: example, you and i will have a contract if i promise to give. It"s sufficient if a person promises to give up smoking, drinking or swearing. Anything that the law recognizes as having value. Has essentially the same value as the consideration for which its exchanged. Law doesn"t protect people from foolish bargains: for example, if i promised to give you a computer worth.