BLAW 201 Chapter Notes - Chapter 15: Estoppel, Uniform Commercial Code
10 Mar 2016
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General principles: consideraion deined and explained. Consideraion is what each party to a contract gives up to the other in making their agreement. Something of value must be given or promised in order for an enforceable contract to be formed. Consideraion is a beneit received by the promisor or a detriment: gits incurred by the promisee. Promises to make a git are unenforceable promises because of lack of consideraion. Charitable subscripions may be binding if the charity relies on the promise and incurs inancial harm if the promise is not upheld. Love and afecion do not qualify as consideraion: adequacy of consideraion. Courts do not consider the adequacy of the consideraion ofered by each side: forbearance as consideraion. Forbearance is refraining from doing an act that an individual has a legal right to do. The giving up of a legal right qualiies as consideraion: illusory promises.
