Contract Handout 2 - MGT 393 BUSINESS LAW Contract Law...

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1 MGT 393 - BUSINESS LAW Contract Law – Handout #2 CONSIDERATION 1. GENERAL § contract = bargain supported by consideration - promise is unenforceable if gratuitous - promise is enforceable if purchased § consideration is -- benefit or detriment § each party must either § (promise to) provide benefit to someone § (promise to) suffer detriment to self § must come from each party but not to each party § “I’ll pay $50 to your brother if you teach my sister” repeat same point /and a few other ideas § contract under seal does not require consideration; § voluntary promise or payment cannot be enforced; § contract based on bargain theory; § an agreement is not enforceable at instance of plaintiff unless consideration flowed from the plaintiff to the defendant or a third party; § consideration need not have been stated in express terms; can be in an implied form; 2. GRATUITOUS/VOLUNTARY PROMISES where element of bargain is lacking where accepted - may not be enforceable
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