LAW 122 Chapter Notes - Chapter 8: Estoppel, Counterclaim

• School: Ryerson University
• Department: Law and Business
• Course: LAW 122
• Professor: Theresa Miedema

Document Summary

Gratuitous promise: is a promise for which nothing of legal value is given in exchange. Consideration: exist when a party either gives (or promises to give) benefit to someone else or suffer ( or promises to suffer) a detriment to itself. Bargain involves offer, acceptance and mutal exchange of value. Sufficient consideration: may be almost anything of value. Example: sufficient if a person promises to give up smoking drinking or swearing. Example: if an elderly gentleman promise to pay 10,000 to wayward niece in exchange for her promise to always be kind and caring the parties will not have a contract. Adequate consideration: has essentially the same value as the consideration for which it is exchanged. Example: if you promise to give me a computer worth ,000 and i promise to give up smoking drinking and swearing, this is a bad bargain. Mutuality of consideration: required that each party provide consideration in return for the other parties.