BSL_12- Consideration

BSL_12- Consideration - BSL_12 16:41 exchangeforapromise...

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BSL_12 16:41 SELF WRITTEN QUIZ DUE OCT 20 Consideration- something legally sufficient which was bargained for and given in  exchange for a promise Legal sufficiency o Promisee does or promises to do something that they were not previously  required by law to do o Promisee refrains from or promises not to do something that they have legal right  to do (Forbearance) Courts do not care about the adequacy of the considerations for the exchange Illusory promises are not consideration o Unlimited right to cancel renders a promise illusory Limitation on right to cancel will save promises from being illusory o Promises aren’t necessarily illusory even though duties may be somewhat  uncertain Output Contracts and Requirements Contract are enforceable Output K- one party agrees to sell all of their output to another party Requirement K- one party agrees to buy all the product they need from the 
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This note was uploaded on 03/22/2011 for the course BSL 212 taught by Professor Smith during the Spring '11 term at UConn.

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BSL_12- Consideration - BSL_12 16:41 exchangeforapromise...

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