Slides for last section of Principles of Contract Law

Slides for last section of Principles of Contract Law -...

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Principles of Contract Law:     Consideration Consideration is Bargained For:  if it is sought by the  promisor in exchange for the promisee’s promise and  given by the promisee in exchange for the promisor’s  promise: Courts will generally NOT inquire into the  adequacy  of  the consideration, as long as the promisor bargained for it. Inadequate Consideration:   Pre-existing Legal Duty: a promise to do (or refrain from  doing) what one already has a legal duty to do (or  refrain from doing)  does not  constitute legally  sufficient consideration.
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Principles of Contract Law:   Consideration Consideration is Bargained For:  if it is sought by the  promisor in exchange for the promisee’s promise and  given by the promisee in exchange for the promisor’s  promise: Courts will generally NOT inquire into the  adequacy  of  the consideration, as long as the promisor bargained for it. Inadequate Consideration:   Pre-existing Legal Duty: a promise to do (or refrain from  doing) what one already has a legal duty to do (or refrain  from doing)  does not  constitute legally sufficient  consideration. Past consideration: promises made in return for acts that  have already occurred are unenforceable for lack of  sufficient consideration.
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Principles of Contract Law:  Rescission, etc. Rescission:  canceling an existing contract and returning  the parties to their pre-contract status. This is not always possible – particularly if one of the  parts of the agreement was “services” in nature. (Ex:  paint someone’s house) Novation:  replacing an existing contract with a new  superseding contract and adding parties. Substitute Contract:  replacing an existing contract with  a new, superseding contract between the same  parties. This is seen in the sports field where athletes re- negotiate an existing contract.
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Principles of Contract Law:       Misc. Illusory Promises:  if the terms of a contract call for  performance in such uncertain terms that the  promisor has not definitely promised to do anything  (or refrain from doing), the contract is unenforceable  for lack of sufficient consideration. Options to Cancel:   if the terms of the contract give one  party the option to cancel at any time, for any  reason, without prior notice, the contract will be  unenforceable for lack of consideration.
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Principles of Contract Law:  Misc.
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This note was uploaded on 04/24/2008 for the course LEGAL 01 taught by Professor Vogoul during the Spring '08 term at Hofstra University.

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Slides for last section of Principles of Contract Law -...

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