LAW 122 Chapter Notes - Chapter 8: London Drugs, Life Insurance, Estoppel
26 Mar 2017
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Every contract is a bargain supported by consideration. promise is (generally) unenforceable if gratuitous promise is enforceable if purchased. Consideration must move from each party but not to the other party. I"ll pay 000 to your brother if you transfer a car to my sister . Consideration must be sufficient sufficient = any value from a legal perspective: money, goods, land, or services o but not love and affection . Consideration need not be adequate adequate = exchange of equal value. I may choose to sell my house for a price is that much lower than its market value. Courts will not protect people from making bad bargains. Past consideration is consideration that was given before contract was contemplated. In such cases, there was no mutuality and therefore no consideration. E. g. promise to pay given after a service was provided.
