Chapt. 12 Outline - Chapter 12 Outline Agreement o Often...

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Chapter 12 Outline Agreement o Often, consideration is broken down into two parts: o Something of legally sufficient value must be given in exchange for the promise o Usually, there must be a bargained-for exchange Requirements of the Offer o The something of legally sufficient value” may consist of: A promise to do something that one has no prior legal duty to do The performance of an action that one is otherwise not obligated to undertake, or The refraining from action that one has a legal right to undertake (called a forbearance) o Legally sufficiency of consideration involves the requirement that consideration be something of legally sufficient value in the eyes of the law. Situations When Intent may be Lacking o Sometimes, one of the parties (or both parties) to an agreement may think that consideration has been exchanged when, in fact, it has not. o The law recognizes that two parties can mutually agree to rescind, or
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  • Fall '09
  • Law, legally sufficient value

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