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  • CH 12 Consideration

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    George Francis
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    The document discusses the consideration formula for determining if a promise is enforceable under contract law. It notes there must be a promise, a promisor who made the promise, and something of value that was bargained for in exchange for the promise. Common forms of consideration include an act, forbearance from an act, or a promise to do either. Gratuitous or gift promises without consideration are generally not enforceable.

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    The document discusses the consideration formula for determining if a promise is enforceable under contract law. It notes there must be a promise, a promisor who made the promise, and something of value that was bargained for in exchange for the promise. Common forms of consideration include an act, forbearance from an act, or a promise to do either. Gratuitous or gift promises without consideration are generally not enforceable.

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    10 views2 pages

    CH 12 Consideration

    Uploaded by

    George Francis
    The document discusses the consideration formula for determining if a promise is enforceable under contract law. It notes there must be a promise, a promisor who made the promise, and something of value that was bargained for in exchange for the promise. Common forms of consideration include an act, forbearance from an act, or a promise to do either. Gratuitous or gift promises without consideration are generally not enforceable.

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    CH 12 Consideration Formula: 1. Find a promise not being kept 2. Find the promisor 3.

    Find what the promisor bargained for the promise 4. If the answer is: a. Something=Consideration b. Nothing= NO Consideration 5. Cabet: Warning a. Watch out for preexisting warning=Duty Consideration: the inducement to make a promise enforceable Two elements to consideration: o o Legal Sufficiency (something of value in the eye of the law) Bargained-for exchange

    The promise is only enforceable when the parties have exchanged something of value in the eyes of the law The consideration exchanged for the promise may be: o o o An act Forbearance to an act Or a promise to do either or both

    Gratuitous (gift) promise: those made without consideration Not legally enforceable, except under curtain situations

    Legal Sufficiency- the consideration for the promise must be either a legal detriment to the promise or a legal benefit to the promisor Ex: The promisee must give up something of legal value and the promisor must receive something of legal value

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