10-19-10_notes

10-19-10_notes - • Illegal o Ex If you give me $100 a...

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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 won’t 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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