MCS 3040 Lecture 4: Chapter 6 - Law

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 3040
• Professor: Joseph Radocchia

Document Summary

Consideration: a rice must be paid for a promise, each party must give something of value for receiving something of value from the other, gratuitous promise a promise for which no consideration/no contract, the business law in practice scenario contains a classic consideration problem, based on gilbert steel ltd v university const ltd (1976), 12 o. r. (2d) 19 (c. a. While there may be compelling business reasons and moral imperatives to keep one"s promise, gratuitous promises are subject to the reach of the recent case of greater fredericton v. nav discussed on page 130 of the text generally not legally enforceable, even when seriously made: may be other than money, such as goods or services, as long as something of value, can even be a promise not to do something, such as a promise not to continue in a lawsuit in exchange for a settlement, the adequacy of consideration normally not open to challenge.