S 2 B - consideration - S 2 B Consideration Bargain where...

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S 2 B – Consideration Bargain – where one party pays a price for the promise obtained from the other party Central idea behind a contract Consideration – The price paid for each party’s promise is the promise of the other Is the mutual exchange of promises (bilateral contract) or a promise for an act/service (unilateral contract) Gratuitous promise – a promise made without bargaining for or accepting anything in return 1 does not become a contract 2 not enforceable in law 3 if promise performed, duty to use reasonable care a. may be found liable for damage under torts b. defence of no consideration not valid Adequacy of consideration 1 Courts will not judge what is good/bad consideration in a contract so long as consideration is present 2 Unless there is evidence of undue influence, fraud, or duress, in the case of gross inadequacy on the promisor 3 Courts are concerned with protecting interests of consumers from unconscionable conduct Moral cause – moral duty of promisor to perform his promise Past consideration – a gratuitous benefit previously conferred upon a promisor 1 Not binding in court 2 No element of bargain 3 In cases of new promise to complete existing contract:
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This note was uploaded on 12/10/2011 for the course COMM 393 taught by Professor Elaine during the Spring '10 term at The University of British Columbia.

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S 2 B - consideration - S 2 B Consideration Bargain where...

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