CONSIDERATION 1_1

CONSIDERATION 1_1 - CONSIDERATION Background Contract...

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CONSIDERATION
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Background Contract defined as set of promises that the law will enforce Not all promises are considered to be binding on promisor Gratuitous (gift) promises are not generally enforceable Primary theory for distinguishing gratuitous promises from enforceable contractual promises is consideration
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Background (cont.) Inquiry - Was something which is of value in the eyes of the law given or promised in return for the promise? If so, the promise is “supported by consideration” and can be enforced by the promisee Note: Many statutes now provide that if promise is made in writing and signed, it will bind the promisor even if no consideration.
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Consideration defined Two Elements of Consideration 1) Legal sufficiency 2) Bargained for exchange Both must be present or there is no consideration
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Legal Sufficiency Distinguish “adequacy” Does not go to how much paid, value of what was given “Sufficient” if either Legal benefit to promisor or Legal detriment to promisee
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Legal Sufficiency (cont.) Legal benefit - obtaining (or being
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This note was uploaded on 12/13/2010 for the course LAW 1101 taught by Professor Reed during the Spring '08 term at CUNY Baruch.

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CONSIDERATION 1_1 - CONSIDERATION Background Contract...

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