Textbook Notes (363,566)
Canada (158,433)
York University (12,360)
ADMS 2610 (76)
Rudi Lof (11)
Chapter 8

ADMS 2610 Chapter 8: B.Law10th ppt notes Ch8

3 Pages
Unlock Document

York University
Administrative Studies
ADMS 2610
Rudi Lof

CH 8 Nature of Consideration ➢ Seal as a Consideration ➢ Tenders  Adequacy of Consideration  Past Consideration  Quantum Meruit  Debtor Creditor Relationship  Gratuitous Promises (Estoppel)  Nature of Consideration  Consideration ➢ Something that has value in the eyes of the law, and which the promisor receives in return for a promise ➢ What a party gets in return for their promise ➢ A benefit or a detriment  Forms of Consideration  Money  Services  Promise not to do something  Relinquishment of a right  Delivery of property  Promise for a promise  Nature of Consideration  Characteristics  A form of the bargaining theory  Consideration must be something done for the promise given  General rule is “no consideration = no contract”  Gratuitous Promise  A promise not accompanied by consideration  The promisor must get something in return for the promise or the promise is merely gratuitous  Gratuitous promise is not enforceable under law  Exceptions  Gratuitous services  Must be performed with care and skill (negligence still applies – sue in tort not contract)  Negotiable Instruments  One is still liable on a check or note, and to subsequent endorsers even though no consideration exists  Exceptions  Charitable Donations  Most charitable donations are gratuitous promises  If charity can show a specific project undertaken on strength of a donor’s pledge may be enforceable promise ○ Needs to be a substantial portion ○ Not enforceable if it is not a significant donation ○ Generally difficult to enforce charitable donations without strong consideration  Seal as Consideration  Seal ➢ A formal mode of expressing the intention to be bound by a written promise or agreement ➢ A major exception to the rule of consideration ➢ The deliberate act of placing a seal on a document is intention to be bound by the agreement ➢ Contract under seal requires no consideration  Tenders  Tender ➢ Differs from the ordinary offer ➢ Merely an invitation to submit offers ➢ Firm asking for tender can reject or accept such tenders ➢ If tender is an offer, rules of revocation say it can be revoked anytime before acceptance ➢ Tender generally uses seal to render offer irrevocable; payment as money (deposit) as consideration  Adequacy of Consideration  General Rule ➢ Court not concerned about the adequacy of consideration ➢ Price or value is up to the parties not the courts ➢ Exception: if the promise was made under unusual circumstances ▪ One cannot snap up an offer ▪
More Less

Related notes for ADMS 2610

Log In


Don't have an account?

Join OneClass

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

Sign up

Join to view


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.