ADMS2610-Session2-Ch8

ADMS2610-Session2-Ch8 - ADMS2610 Session 2 Chapter 8 (pg....

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ADMS2610 Session 2 Chapter 8 (pg. 141-150) Requirement of Consideration Nature of Consideration - A form of the bargaining theory - The “something” that the promsior receives in return for the promisor’s promise - Consideration (something that has value in the eyes of the law, and which a promisor receives in return for a promise) - Takes many forms (payment of money, performance of a particular service, delivery of property) - Consideration for a promise must exist for the contract to be legally binding - Gratuitous promise o A promise not accompanied by consideration o The promisor must get something in return for the promise or the promise is merely gratuitous o Not enforceable under law o Exceptions: Gratuitous services must be performed with care and skill (negligence still applies—sue in tort not contract) Negotiable Instruments (promissory notes) where one is still liable on a check or note, and to subsequent endorsers even though no consideration exits Charitable donations as most donations are gratuitous promises If charity can show a specific project undertaken on
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This note was uploaded on 03/25/2011 for the course ADMS 2610 taught by Professor Joshuasera during the Winter '10 term at York University.

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ADMS2610-Session2-Ch8 - ADMS2610 Session 2 Chapter 8 (pg....

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