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LAW 122 (625)
Chapter 8

LAW122 Chapter 8 Notes.docx

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Law and Business
LAW 122
Jared C.Allen

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
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