ADMS 2610 Chapter Notes - Chapter 8: Consideration, Efficiency Ratio, Bargaining

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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. Consideration must be something done for the promise given. Ge(cid:374)eral rule is (cid:862)(cid:374)o co(cid:374)sideratio(cid:374) = (cid:374)o co(cid:374)tract(cid:863) The promisor must get something in return for the promise or the promise is merely gratuitous. Gratuitous promise is not enforceable under law. Must be performed with care and skill (negligence still applies sue in tort not contract) One is still liable on a check or note, and to subsequent endorsers even though no consideration exists. If charity can show a specific project u(cid:374)dertake(cid:374) o(cid:374) stre(cid:374)gth of a do(cid:374)or"s pledge may be enforceable promise. Not enforceable if it is not a significant donation. Generally difficult to enforce charitable donations without strong consideration. A formal mode of expressing the intention to be bound by a written promise or agreement.

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