BLAW 3201 Chapter 12: Chapter 12 Outline
Document Summary
Consideration is comprised of 2 basic elements (both must be present): legal sufficiency (something of value, bargained for exchange. Legal sufficiency: consists of either a legal detriment to the promisee or a legal benefit to the promisor: aka: in return for the promise, the promisee or promisor must give up something of legal value. Legal detriment: doing an act one is not legally obligated to do or not doing an act that one has the legal right to do. Legal benefit: obtaining something to which one had no prior legal right. Deals with the fairness of the bargain: the courts are not concerned with adequacy, but they ae concerned with sufficiency, not required where/when the parties have freely agreed to the exchange. A promise is exchanged for a completed act or a forbearance to act: only one promise exists, to make the promise binding, it must be supported by consideration (legal sufficiency)
