LAW 122 Lecture Notes - Lecture 8: Estoppel, Novation, Canadian Business
27 Feb 2015
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Consideration must be provided by both parties. Consideration must move from each side of a contract but not necessarily to the other side: sufficient and adequate consideration. Sufficient consideration may be almost anything of value. Adequate consideration has essentially the same value as the consideration for which it is exchanged. Forbearance to sue is a promise to not pursue a lawsuit: past consideration. Mutuality of consideration-requires that each party provide consideration in return for the other party"s consideration. A pre-existing obligation is an obligation that existed, but was not actually performed, before the contract was contemplated. Pre-existing public duty: a person who owes a pre-existing public duty cannot rely upon that obligation as consideration for a new contract. It would be against public policy to allow public servants to take advantage of your misfortune by charging for their services. Off hours, even if you are worried that thieves might be lurking in the area.
