COMMERCE 4SD3 Chapter Notes - Chapter 7: Estoppel

• School: McMaster University
• Department: Commerce
• Course: COMMERCE 4SD3
• Professor: Paul Stillman

Document Summary

An accepted offer is not enforceable unless it has consideration. Bargain each party pays a price for the promise of the other. Consideration the price for which the promise of the other is bought. Gratuitous promise a promise made without bargaining for or accepting anything in return. The promise is not a contract enforceable by law. If remained unperformed, the promise has no right to a remedy. If the promise is performed, a gift is made: no longer their property and cannot demand it back. Court does not ensure a fair bargain. If there is allegation of wrongdoing by one party a court might look at adequacy of consideration because it might point toward fraud, duress, or undue influence exerted on the promisor. The motive of the promisor is irrelevant whether it be gratitude, a sense of honor, duty, affection, or charity.