BUS 207 Lecture 7: BUS LAW 11/3
Document Summary
Completely different meaning in contract law than normal conotation. A value given in return for a promise, something legally sufficient given in a bargained-for-exchange between the parties. Sufficient consideration must be something of value in the eyes of the law. If the consideration is inadequate (ex. fraud), courts may strike down the contract as unconscionable. Past consideration *need to look in book. * contract law group project being done in class (mines on the google doc) Amanda is interested, just asking questions, still hasn"t made an offer. After iris explains the home exchange, we still don"t have an offer because we still don"t have the dates yet, iris doesn"t have the deets on amanda"s home. We only have an offer when she asks tomorrow?", agreement with perfect. Capacity: the legal ability to enter into a contractual relationship, the limitations on that freedom to contract.
