Textbook Notes (369,035)
Canada (162,359)
LAW 122 (625)
Chapter 8

LAW122 Chapter 8 Notes.docx

3 Pages
87 Views
Unlock Document

Department
Law and Business
Course
LAW 122
Professor
Jared C.Allen
Semester
Summer

Description
Law 122 Chapter 8 Notes Consideration and Privity Consideration A Gratuitous Promise is a promise for which nothing of legal value is given in exchange Ex if I say I will you my computer and you agree you received nothing of legal value in exchange for it If I give it to you you have the right to keep it but I cannot be forced to hand it over Consideration exists when a party either gives or promises to give a benefit to someone else or suffers or promises to suffer a detriment to itselfSufficient and Adequate Consideration o Sufficient Consideration may be almost anything of value Ex it is sufficient if a person promises to give up smoking or drinking or swearingExceptions Promises for love and affection are not held with contracts because the court wants to stay out of intimate matters o Adequate Consideration has essentially the sale value as the consideration for which it is exchanged Ex exchanging a peppercorn for a house the peppercorn has value although less than the horse therefore the contract is enforceable o Forbearance to SueThis is for business people the difference between sufficient and adequate considerationForbearance to Sue is a promise to not pursue a lawsuitLawsuits are expen
More Less

Related notes for LAW 122

Log In


OR

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


OR

By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.


Submit