BLAW 2301 Study Guide - Midterm Guide: Estoppel
Document Summary
Consideration the inducement, price or promise that causes a person to enter into a contract and form the basis of the parties exchange. Elements of consideration: value both parties must get something of legal value, bargained for exchange the parties must have bargained for whatever was exchanged and struck a deal. If one side gets all the benefit and other side gets nothing, then an agreement lack consideration and not an enforceable contract. Value the item of value can be an act, forbearance or a promise to do both. Act any action that a party was not legally required to take in the first place. Forbearance giving up for refraining from doing something that one has a legal right to do. Promise to act or forbear something in the future counts as consideration. Illusory promises will only execute the deal if they felt like it or subjective to feeling.
