Textbook Notes (367,905)
Canada (161,487)
MGSC30H3 (57)
H Laurence (33)
Chapter 8

MGTC31 - Chapter 8

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Management (MGS)
H Laurence

Chapter 8The Requirement of ConsiderationCONSIDERATIONNature of ConsiderationConsideration something that has value in the eyes of the law and which a promisor receives in return for a promise Consideration can take forms such as payment of money the performance of a particular service a promise not to do something by a promisor the relinquishment of a right the delivery of property etcA consideration for a promise must exist in order for a contract to be legally binding Exceptions A gratuitous offer of a service if accepted must be performed with care and skill otherwise the promisor will be liable for any loss suffered as a result of careless performance or negligenceA person may be liable on a promissory note even though no consideration exists between them Seal as ConsiderationSeal a formal mode of expressing the intention to be bound by a written promise or agreement usually takes the form of signing or affixing a wax or gummed paper wafer beside the signatureThe document became a formal agreement that the courts would enforce if the seal was presentTendersrelates to the formation of a legal relati
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