BU231 Lecture Notes - Lecture 7: Estoppel, Contract
Document Summary
Chapter 7- formation of a contract: consideration and intention! > an accepted offer is not an enforceable contract unless it has consideration! > the price you pay for the promise of the other ! > the accepted off must form a bargain- where each party pays a price for the promise of the other! > in a unilateral contract, the price paid for the offerors promise is the act done by the offeree. > in a bilateral contract, the price paid for each parties promise is the promise of the other. this price is called consideration. > consideration is the price for which the promise of the other is bought ! > a promisor usually bargains for a bene t to himself, such as a promise to pay money or provide a service. but it doesn"t have to be directly for his won bene t.
