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Unformatted text preview: CHAPTER CONSIDERATION CONSIDERATION T. LEIGH ANENSON, J.D., LL.M. 12 “Make yourself necessary to someone.” Ralph Waldo Emerson, The Conduct of Life (1860) CONTRACT LAW CONTRACT Introduction to Introduction Contracts Contracts The Agreement: The Offer Offer The Agreement: The Acceptance Acceptance Consideration Reality of Consent Capacity to Contract Illegality Writing Rights of Third Rights Parties Parties Performance & Performance Remedies Remedies Learning Objectives Learning ELEMENTS ELEMENTS Legal value Bargained-for exchange EXCHANGES not consideration EXCHANGES not EXCEPTIONS to consideration EXCEPTIONS #1 ELEMENT: Legal Value EXAMPLES Payment of $ or property Refrains from doing something the person Refrains has the legal right to do Does something the person had no prior legal Does duty to do COURTS WILL NOT JUDGE ADEQUACY COURTS NOT NOT A GIFT COMPARE GIFT LAW: COMPARE THREE REQUIREMENTS 1. DONOR INTENDS TO MAKE GIFT 2. DONOR MAKES DELIVERY 3. DONEE ACCEPTS THE GIFT #2 ELEMENT: Bargained-for Exchange CAUSATION Exchanges NOT Consideration Illusory promises Preexisting duties Past consideration Preexisting Duties: Special Rules CONTRACT MODIFICATION = Modification due to unforeseen circumstances Modification OR OR CISG and UCC 2–209(1): sale of goods DEBTS = only if good faith dispute COMPOSITION AGREEMENTS FORBEARANCE TO SUE EXCEPTIONS TO CONSIDERATION EXCEPTIONS UCC FIRM OFFER UCC CONTRACT MODIFICATION PROMISSORY ESTOPPEL PROMISE TO PAY DEBT BARRED BY PROMISE STATUTE OF LIMITATIONS OR BANKRUPTCY BANKRUPTCY CHARITABLE SUBSCRIPTIONS ...
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