Law 5110 Study Guide - Quiz Guide: Consumer Credit Act 1974, Posting Rule, Ancient Germanic Law
Document Summary
Something of value exchanged between the parties to a contract: Must not be past, unless: act done at promisor"s request, parties understood that act was to be compensated, promise would have been legally enforceable if made prior to act. Move from promisee, but not always to promisor (privity) Cannot be for performance of existing duty. Either promise to act or promise to refrain from act. Because of the postal rule and mailbox rule and received rule. Consideration: something of value exchanged between the parties to a contract. Whether you intend to be bound or not. Heather or not there is a meeting of the minds, if you agree with all the terms. *look at the slides on intention first page and look at the book to make notes* France, italy, belgium, => they are all concurred by. Study case 1: offeror = children, offer to pay, offeree = the wife, 488 pounds for the painting.
