Chapter 15 - 1. 2. 3. 4. 5. Chapter 15: Consideration...

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Chapter 15: Consideration 1. Consideration: what a person will receive in return for performing a contract obligation 2. Examples: a. Benefit to promisor b. Detriment to promisee c. Promise to do something d. Promise to refrain from doing something 3. Rules of Consideration a. For a promise to be enforced by courts, there must be consideration. a.i. Promissory Estoppel: occurs when one party makes a promise knowing the other party will rely on it, the other party relies on the promise, only way to avoid injustice is to enforce the promise a.ii. Promissory estoppel and contracts under seal are exceptions to the common law rule requiring consideration. a.ii.1. Assignor: part to contract who transfers his/her rights to third party a.ii.2. Assignee: party (not in privity of contract) who receives transfer of rights to a contract b. The court seldom considers adequacy of consideration. c. An illusory promise is not consideration c.i. Illusory Promise— appears to be promising something, but actually isn’t
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This note was uploaded on 03/27/2012 for the course BLS 442 taught by Professor Staff during the Spring '12 term at Miami University.

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Chapter 15 - 1. 2. 3. 4. 5. Chapter 15: Consideration...

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