B LAW301 Lecture Notes - Lecture 8: Estoppel, Life Insurance, Himalaya Clause

• School: University of Alberta
• Department: Business Law
• Course: B LAW301
• Professor: Jeffrey Bone

Document Summary

Overview: sufficient and adequate consideration, past consideration, pre-existing obligations, promises enforceable without consideration. Consideration: occurs when a party either gives (or promises to give) a benefit to someone else or suffers (or promises to suffer) a detriment to themselves. Main goal of contract law is to enforce bargains. Gratuitous promise: a promise for which nothing of legal value is given to exchange. Benefits can be provided to someone who is not the offeror or the offeree. Consideration must be provided by both parties. Consideration must be sufficient but need not be adequate. Sufficient consideration: may be almost anything of value, i. e. smoking, drinking, swearing but not love and affection (intimate matters). Adequate consideration: has essentially the same value as the consideration for which it is exchanged. Definition: a promise to not pursue a lawsuit. Definition: consideration given prior to the contemplation of a contract. Mutuality of consideration: each party must provide consideration in return for the other party(cid:3244)s consideration.