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L293 (3/2/2009) Consideration Elements of Consideration o Something that has value in the eyes of the law, and which the promisor receives  in return for a promise o What a party gets in return for their promise o A benefit or a detriment o Purely gratuitous promises are not enforceable because not supported by  consideration Legal Value of Consideration o Consideration may have legal value if the person:  Refrains from doing something the person has the legal right to do  ( Hamer v. Sidway)  Does something the person had no prior legal duty to do  Common Forms of Consideration  o Money o Services o Promise not to do something o Relinquishment of a right o Delivery of property o Promise for a promise Adequacy of Consideration  o General Rule Court not concerned about the adequacy of consideration Price or value is up to the parties not the courts
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This note was uploaded on 04/18/2011 for the course BUS 293 taught by Professor Brown during the Winter '09 term at Indiana.

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