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Lecture-4.docx - Lecture 4 Getting to know assignment due...

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September 22, 2016 Lecture 4 Getting to know assignment due next class, Tuesday HARDCOPY BSEN midterm fri-oct.21 st deferred to Saturday Nov.5th Part 3 – the law of contracts Chapter 8 – requirement of consideration **No questions are going to be on “tenders”** Consideration – Each party in a contract (K) must get something of value to bind their promises. - A promise to do something for free is not binding. - Forebearance – giving up a right to sue. K under seal needs no other consideration/value to bind K. - Court doesn’t care if you pay too much/little (cannot be sued for charging too much or too little) - Things done in the past cannot be consideration for future obligations unless the obligations were agreed to in the past (past consideration) Quantum Meruit (Latin) if you accept or take goods or services without knowledge of the price the court will imply that you owe fair market value.
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