Chapter 15 2 . Consideration only means that one party is profiting as the other abandons some legal right in the present, or limits his legal freedom of action in the future, as an inducement for the promise of the first person. William II used tobacco, occasionally drank liquor, and he had a legal right to do so. That right he abandoned for the period of years in reliance of that such a forbearance would give him $5000. It is sufficient that he restricted his lawful freedom of action within certain prescribed limits upon the faith of his uncle’s agreement. 3. Forbearance is sufficient if there is any reasonable ground for the claimant’s belief that it is just to try to enforce his claim. The party must not be making his claim or threatening suit for purposes of vexation or in order to profit from its nuisance value. Dyer should not have been granted because a material fact remained regarding whether P’s forbearance was in good faith. So the agreement was not binding. 8. No, He was not correct.
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This note was uploaded on 07/25/2011 for the course ACCT 200 taught by Professor Minliu during the Spring '11 term at Universidad Europea de Madrid.