LAW 122 Study Guide - Final Guide: Force Majeure, Rectify, Undue Influence
21 Apr 2018
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Consideration: contract must be supported by consideration, law will not enforce gratuitous promises (promises given for free, consideration can be either a benefit or a detriment. Each party must either: promise to provide benefit to someone, suffer detriment to self (stop smoking for , element of exchange, must move from each party- but it doesn"t have to be to the other party. Eg: i"ll pay 5000 to your brother if you transfer a car to my sister. Sufficient vs adequate consideration: consideration must be sufficient. Anything that law recognizes as having value (money, goods, 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: giving up the right to sue someone- it has value, consideration does not need to be adequate. Law does not protect people from foolish bargains.
