CONSIDERATION.doc

CONSIDERATION.doc - Past consideration Illusory promise...

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CONSIDERATION Elements: Legally sufficient value Promise to do something Promise not to do something you have a legal right to do Bargained-for exchange Both sides must be giving something to the other Practically, ask: Did the person making the promise get something he wanted in  return for the promise? Adequacy of Consideration Not value! Detriment to promisee or benefit to promisor Can be money, but consideration does not have to have a monetary  value. You are free to make a bad deal – still can be legally sufficient  consideration. What’s not legally sufficient consideration? Preexisting duty Unforeseen difficulties
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Unformatted text preview: Past consideration Illusory promise Accord and Satisfaction Accord = new agreement that replaces the old Satisfaction = new agreement is performed Performance here completes BOTH contracts. Releases It’s a valid contract, so you get what you agreed to and no more. CONSIDERATION When can you have a contract without consideration? Promise to pay a debt barred by the statute of limitations Promissory estoppel – the guy saying no consideration is estopped from making this claim out of fairness Equitable concept Promise must be clear Reliance must be substantial Charitable subscriptions...
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This note was uploaded on 11/07/2010 for the course BLAW 3311 taught by Professor Boykin during the Fall '07 term at UT Arlington.

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CONSIDERATION.doc - Past consideration Illusory promise...

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