MGT 2106 Lecture Notes - Lecture 12: Alimony, Usury, Standard Form Contract
Document Summary
In order for a promise to be enforced there must be consideration. Consideration value given in return for a promise. Answer: how long the neighbor must not repaint the house pink. ] Generally courts do not question adequacy of consideration. Under doctrine of freedom of contract parties are free to bargain as they wish. Will look at sufficiency of consideration if fraud becomes an issues widow sells house for . Accord and satisfaction - a debtor offers to pay, and the creditor accepts, a lesser amount than the creditor originally purported to be owed. Release one party forfeits the right to pursue a legal claim against the other party. Covenant not to sue public policy lawyer and doctor cannot ask for a release prior to performing a service to prevent malpractice. Promissory estoppel (also called detrimental reliance) a person who has reasonable relied on the promises of another can often hope to obtain some measure of recovery.
