BA-12 - Chapter 12 Consideration: Legal value bargained...

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Chapter 12 Consideration : Legal value bargained for, given in exchange for an act or promise *the Law does not enforce all promises Ex) you go to the store, buy something, you give the cashier the money, they give you the item= Exchange “Naked” promise, gift, favors, one-sided promises are not enforceable by law Aka-No consideration, no contract Anytime you do something you are not REQUIRED to do, that is consideration *You cannot, however, use the promise itself as consideration Consideration must be legal not actual (i.e. if you say to your neighbor you will grant him $100 for not trespassing on your property, and the neighbor stops trespassing, and you do not pay him, you can’t be sued for not paying him because, “trespassing” is illegal *ADEQUACY of Consideration is not an issue (Does not matter if adequate or not, as long as consideration is present) *In order for the transaction to take place, the dollar actually has to change hands, can not merely be in the process of it Common Law (Conservative, rule oriented) vs. Uniform Commercial Code (liberal, lenient) Modification of Agreement if you have a contract, and then change it (i.e. an extension while the contract is currently running, the Code says, “Original consideration is enough, all that is needed is an acceptance signature) The Common (Such as
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BA-12 - Chapter 12 Consideration: Legal value bargained...

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