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Unformatted text preview: valid) o Executed vs executory o ³ormal vs informal o ALSO KNOW: Promissory estoppel, Quasi Contract Rosenthal v NYU CONSIDERATION Quid pro quo Considera±on…a formality? o Mostly, except the opposite of considera±on: the promise itself. Adam Smith o Self interest in business. Selling bread for money to beneFt self Hamer v Sidway o Uncle promised nephew 5000 if he abstained from drinking/smoking o Uncle dies before paying the money plus interest o It was in best interest to refrain from drinking anyway However, sTll had to give it up. So consideraTon Batsakis v Demotsis and Adequacy of the ConsideraTon o DemoTsis needs loan from Batsakis (huge tool). 500,000 drachma given (equal to 25 dollars). o Demotsis must pay back in dollars. Must pay 2,000 back, pulled out of the blue o ConsideraTon argument: Adequacy o...
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- Fall '08
- Contract Law