BALW20150 Chapter Notes - Chapter 13: Estoppel, Contract
27 Feb 2017
School
Department
Course
Professor
Document Summary
Consideration often broken down into 2 parts: something of legally sufficient value must be given for the promise. A promise to do something that one has no prior legal duty to. The performance of an action that one is otherwise not obligated to undertake. The refraining from an action that one has a legal right to undertake (forbearance) **in general, the waiver of any legal right at the request of another party is a sufficient consideration for a promise: there must be a bargained-for exchange. The item of value must be given/promised by the promisor in return for the promisee"s promise, performance, or promise of performance. Ex. if someone does not have to do anything in order to receive (must provide the basis for the bargain between the parties) Court would want to make sure the person voluntarily entered into an.
