Chapter_12

Chapter_12 - Chapter12 Consideration Consideration

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    Chapter 12 Consideration
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    Consideration Consideration —Both parties must give  and receive something of value for their  respective promises.  
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    Consideration It must be a bargained for exchange.   It  cannot be an act of forbearance. To be legally sufficient, contracts must  have a  legal detriment to promisee  or  legal benefit to promisor
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    Legal Detriment/Benefit Tests  Detriment Test Promise must have incurred a detriment  under the contract  Benefit Test   consideration is present if promisee  incurred a detriment or promisor has  received a benefit 
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    Pre-Existing Obligations  If under an obligation already, you are  not normally incurring a detriment by  performing.  Obligation imposed by law Contractual Obligations 
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    Contractual Obligations This unenforceability of pre-existing  obligations is to prevent one of the 
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Chapter_12 - Chapter12 Consideration Consideration

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