BLAW - Chapter 15 - Alex Fish BLAW Chapter 15 What is...

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Alex Fish BLAW – Chapter 15 What is Consideration: Consideration is what a person will receive in return for performing a contract obligation. Examples include a promise to do or not do something, a benefit to the other party, etc. Rules of Consideration Lack of consideration: Consideration is required for a contract, a promise for a promise. o Promissory Estoppel: when one party makes a promise knowing the other party will rely on it, the other party does rely, and the promise is enforced to avoid injustice. It is reserved to give remedy to parties where no other remedy exists. There must be a clear and definite promise The promisor reasonable should have expected the promisee to rely on the promise The promise did rely on the promise in a way that the promisor reasonable should have expected Injustice can be avoided only by enforcing the promise Adequacy of Consideration: The court does not weigh whether you made a good bargain or not. o
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This note was uploaded on 05/31/2010 for the course ACCT 1237 taught by Professor Hillman during the Spring '10 term at Drake University .

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BLAW - Chapter 15 - Alex Fish BLAW Chapter 15 What is...

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