LAW 122 Chapter Notes - Chapter 8: Life Insurance, Official, London Drugs
12 Mar 2016
School
Department
Course
Professor
Document Summary
Consideraion is the third element of the contract. Every contract is a bargain supported by consideraion: promise is (generally) unforceable if gratuitous, promise is enforceable is purchased. Consideraion must move from each party- but not to the other party: ill pay ,000 to your brother if you transfer a car to my sister . Suicient: any value from a legal perspecive: money, goods, land or services, but not love and afecion . I may choose to sell my house for a price that is much lower than market value. courts will not protect people for making bad decisions/bargains. Forbearance as consideraion: if the underlying claim was valid. Consideraion= sacriice right to sue for full amount: if the underlying claim was invalid. Past consideraion is consideraion that was given before contract was contemplated. In such cases, there was not mutuality and therefore no consideraion: eg: promise to pay given ater a service was provided.
