LAW 122 Chapter Notes - Chapter 8: Estoppel, Himalaya Clause

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

Document Summary

Consideration: main goal of contract law us to enforce bargains, gratuitous promise. : exists when a party either gives (or promises to give) a benefit to someone. : may be almost anything of value: adequate consideration is exchanged. : has essentially the same value as the consideration for which it. Forbearance to sue: a promise to not pursue a lawsuit. Pre-existing contractual obligation owed to a third party can be considered for a new contract using the same consideration for two different contracts dangerous because you will be held liable for all the contracts. Has a legal test: is a doctrine that prevents a party from retracting a promise. The representor (the party making the promise) must clearly indicate that they will not enforce their legal rights against the representee (the party receiving the promise) The representee must rely upon the statement in a way that would make it unfair for the representor to retract their promise.