10-19-10_notes

10-19-10_notes - Illegal o Ex: If you give me $100 a week,...

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10/19/10 BLAW 3391 Elements of a Kx 1. Agreement 2. Consideration 3. Legal Bargain 4. Legal Capacity Legal Value Detriment – when a party is required to do something they had no prior commitment to Benefit – receiving or retaining something that you had no prior legal right to receive Ex: Mom offered her son $100 if her son stopped smoking for a month. He could sue if she doesn’t hold out because he accepted the detriment and the benefit was $100. Output – Buying everything that you produce Requirements - Buying everything that you need Lack Consideration
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Unformatted text preview: Illegal o Ex: If you give me $100 a week, I wont trash your store Illusory if either or both parties can choose not to perform Moral obligation based on love and affection not a promise Pre existing duty based upon a pre existing duty o Ex: A lady tells a firefighter she will give him $500 to save her cat, which he does, however it is not collectible since that was his pre existing duty Past performance does not have legal value Bailiwick Area of responsibility...
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