L S 3323 Study Guide - Final Guide: Rescission, Quid Pro Quo, Condition Precedent
16 Apr 2018
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Consideration: legal value, bargained for and given in exchange for an act/promise or. Can be found in act, forbearance (failure to act) or promise. Bilateral: each party makes promise for promise. Cannot enforce promise unless promisee has given up something of legal value in exchange for that promise. Does or promises to do something that he or she did not already have a legal duty to do. Or, forbears or promises to forbear from doing something that he or she has a legal right to do. Courts sometimes speak of legal value as residing in either a legal detriment (harm) to the promisee or a legal benefit to the promisor. E. g. customers promises to pay for product, both harm to consumer and a benefit to seller. Legal value found in either detriment suffered or benefit. Courts do not inquire into the relative adequacy (monetary worth) of the consideration exchanged, leaving parties to determine their own contract terms.
