Ch 12 Notes - Chapter 12: Consideration Consideration- the...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Chapter 12: Consideration Consideration- the value of the exchange o Presumption that it was bargained for Legally sufficient valuation- what is the value of the exchange o Can be beneficial consideration - get something for what gave up, positive o Can be detrimental consideration - when value flowing to you would not convince u to do something when you normally would have a right to do (covenant not to compete) Court won’t want to hear that a contract is not adequate unless there is some attack on the integrity of the contract Adequacy of consideration- amounts to value, fairness; courts don’t want to hear about this Sufficiency of consideration – must meet the legal requisites Court can declare a contract to be unconscionable – unfair bargaining power Not consideration b/c lack a legal sufficient consideration: o Already made the bargain, already did the job- past consideration Offer additional compensation for job done Transactions without consideration- gratuity (tip) o Pre-existing Legal Duty - already contractually bound; a promise to do what one already has a legal duty to do does not constitute legally sufficient consideration If try to give more but then decide not to give you that is fine b/c they already are in a contract Cant re-bargain that Can arise from a contract or legal duty under the law Unforfrseen difficulties- give rise to a contract modification involve the types of risks ordinarily assumed in business, however the courts will usually assert the preexisiting duty rule may be an exception
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
o Illusory Promises - sounds like a promise but is not really b/c retain discretion to change mind
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 11/28/2010 for the course LAW 1024066 taught by Professor K during the Spring '09 term at Fairleigh Dickinson.

Page1 / 5

Ch 12 Notes - Chapter 12: Consideration Consideration- the...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online