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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 wouldnt have been different (objective theory); (1b) - 20 modified objective theory...
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- Fall '08