LAW 122 Lecture Notes - Walkover, Estoppel, Himalaya Clause

• School: Ryerson University
• Department: Law and Business
• Course: LAW 122
• Professor: Shavin Malhotra

Document Summary

Law 122 chapter 8 consideration & privity. Ingredients required to form a contract: intention to create legal relations; offer, acceptance. Consideration thing that each party provides under a contract; unless consideration exists on both sides of a bargain, courts will usually not enforce parties agreements. Consideration, offer, acceptance, intention to create contractual relations are required to create a contract. Privity of contract identifies the parties to a contract; determines who can sue/be sued. Main goal of contract law is enforce bargains; involves more than an offer & acceptance, mutual exchange of value. Gratuitous promise- promise for which nothing of legal value is given in exchange; promised nothing in return; allowed to change mind. Creation of contract depends on exchange of value. Sufficient consideration may be almost anything of value; intimate matters. Adequate consideration has essentially same value as consideration for which it is exchanged; peppercorn theory; trading a computer and promise to give up smoking.