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Chapter 15 - Consideration

Chapter 15 - Consideration - Chapter 15 Consideration I...

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Chapter 15 – Consideration I. General Principles a. Consideration Defined and Explained i. Consideration: 1. What each party to a contract gives up to the other in making their agreement ii. Bargained-For Exchange: 1. Consideration is the bargained-for exchange between the parties to a contract a. In order for consideration to exist, something of value must be given or promised in return for the performance or promise of performance of the other iii. Benefit-Detriment Approach: 1. Defines the consideration as a benefit received by the promisor or a detriment incurred by the promise b. Gifts i. Promises to make a gift are unenforceable promises under the law of contracts due to the lack of consideration ii. Charitable subscriptions by which individuals make pledges to finance the construction of a college building, church, etc ARE binding c. Adequacy of Consideration i. Doesn’t matter how little the consideration is d. Forbearance as Consideration i.
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