BUS 207 Lecture Notes - Lecture 11: First Amendment To The United States Constitution, David Lee Roth, Inequality Of Bargaining Power
Document Summary
Valid legal consideration is exchanged between the parties. Consideration is a required element of any contract. Bargain means that each side obligates itself in some way in order to get the. Also, that something must have legal value (not economic/monetary) Things that do not work / pass legal value test for consideration. 1 illusory promise - i"ll do it when i can/feel like it . 2 pre-existing duty - a promise to do what one is already legally obligated to do. Students agree to pay teacher to come to class, but refuse to pay when he comes - does not pass since cal poly is already legally obligated to pay professor. 3 past consideration -- agreeing to do something based on something that has already taken place in the past is not valid consideration. Cannot give bonus for 15 past years of service (needs to be for future)
