Week 5 Contracts (Consideration) - Week 5 Contracts...

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Week 5 Contracts Consideration: - Consideration (A bargain for exchange of benefit or detriment. One promise musth have induced the other) o General Rule Bargained-for-exchange A promise in exchange for a promise Hamer v. Sidway o 5k in exchange for promise to not drink, use tobacco, gamble Courts do not inquire into the actual value of the consideration. o Exceptions, if consideration is nominal. You can’t give up a legal right, if it’s an illegal action. o Hamer v. Sidway If it was illegal to drink and smoke till 21, then there would be no contract. o Recurring Problems Forbearance In General o If P asserts the claim in good faith and o The claim has at least a tenable basis/is colorable Even if P does not truly believe he/she will win Invalid Claims o Invalid Claims are enforceable if Settling plaintiff had genuine belief the claim was valid at the time The claim was, at worst, doubtful (not obviously invalid) to a reasonable person
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This note was uploaded on 12/20/2011 for the course CONTRACTS 111 taught by Professor Dellinger during the Fall '11 term at Western State Colorado University .

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Week 5 Contracts (Consideration) - Week 5 Contracts...

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