Contractual Consideration

Contractual Consideration - Contractual Consideration...

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Contractual Consideration A. General Principles – Which promises are courts going to consider to be binding? 1. Consideration is one of the basic elements of a binding contract. It is defined as the price paid for a promise. 2. The effect of absence of consideration – the promise is not binding. 3. Adequacy of consideration. In the Bible, there is a story about Esau, the elder brother, promising to give his inheritance to his younger brother, Jacob, in exchange for a bowl of soup. Is this a binding promise? Why wouldn’t courts want to judge the fairness of consideration? 4. Forbearance as consideration—Read Hamer v. Sidway , 124 N.Y. 538, 27 N.E. 256 (N.Y. 1891 ), B. What does not constitute consideration? 1. Promise to perform an existing obligation is not consideration (Construction example) 2. Past consideration is not sufficient to support a contract.
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  • Spring '14
  • LaRoche
  • Esau, Promisee, Red Owl Stores, Farmville Herald

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