Chapter 8-Requirement of Consideration.docx

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Department
Management and Organizational Studies
Course
Management and Organizational Studies 2275A/B
Professor
All Professors
Semester
Spring

Description
Chapter 8 Requirement of ConsiderationConsiderationbargain theoryeach party gets something in return for others promisethis for thatsomething given in exchange is called considerationit can be many thingsmoney promise to do something or not to do something giving up a right transfer of propertyconsideration is related to a promise otherwise a gratuitous actno contractmoves from promise to promisora promisee is the party trying to enforce the promisemust show consideration moved from her to the promisorobliges the promisorConsiderationdefined as a benefit given to the promisor or detriment suffered by the promiseCharitable Donationsgratuitous promiseno consideration moves to the promisor in return for promiseUNLESS can show detriment state of being harmed or damaged as result of reliance trust on promiseSargent vs Nicholsonpromisee undertook project on promisors promise to paydonation was substantialshowed that promisees actions were the result of the promiseie small donation and the plaintiff likely would have undertaken work without particular promisepromisee incurred financial obligations due to promisesufficient detriment to be considerationGovernors of Dalhousie vs Boutilier
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