LAW 122 Lecture Notes - Lecture 9: Life Insurance, Settlor, Estoppel

• School: Ryerson University
• Department: Law and Business
• Course: LAW 122
• Professor: Valeria Dye

Document Summary

: when a party gives (or promises to give) a benefit to someone else or suffers (or promises to suffer) a detriment to themselves. *must move from each party - but not to other party i. e. )"ll pay to your brother if you transfer a car to my sister. Main goal of contract law is to enforce bargains promise is (generally) unenforceable unless mutual. Sufficient: anything of value from a legal perspective. Money, goods, land or services but not love and affection. *courts will not save someone from a foolish bargain. Peppercorn theory of consideration: two people exchange a peppercorn for a horse. Peppercorn has some value therefore sufficient consideration but it is not of adequate consideration as it is not equal value to a horse. : promise to not pursuit a lawsuit (give up right to sue) Forbearance as a consideration if underlying claim was valid: valid consideration: sacrifice right to sue for full amount.