Unformatted text preview: st birthday in the sum of $5,000. Also, whether the statute of limitations had run out on the promise. Holding : order reversed and trial court judgment affirmed. Also, statute of limitations did not expire because the promise created a “trust.” Rule : a waiver of any legal right at the request of another party is sufficient consideration for a promise. Policy : Such an argument (that consideration requires harm) would cause controversy in many other cases. Class Notes : Consideration – can be either a promise or performance Waiver of legal right is classical test for consideration. Gratuitous promise – expect nothing in return Hypotheticals (1a) – outcome of the case wouldn’t have been different (objective theory); (1b) - §20 – modified objective theory...
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This note was uploaded on 04/10/2011 for the course LAW 501 taught by Professor Roy during the Fall '08 term at Ole Miss.
- Fall '08