LAW 122 Chapter Notes - Chapter 8: Himalaya Clause, Estoppel

• School: Ryerson University
• Department: Law and Business
• Course: LAW 122
• Professor: Michael Lapointe

Document Summary

Consideration refers to the thing that each party provides under a contract. This is critical unless (cid:272)o(cid:374)sideratio(cid:374) e(cid:454)ists o(cid:374) (cid:271)oth sides of a (cid:271)argai(cid:374), the (cid:272)ourts (cid:449)ill usuall(cid:455) (cid:374)ote e(cid:374)for(cid:272)e the parties" agreement. Consideration, offer and acceptance, and intention to create contractual relations are required to create a (cid:272)o(cid:374)tra(cid:272)t. (cid:862)pri(cid:448)it(cid:455) of (cid:272)o(cid:374)tra(cid:272)t(cid:863) ide(cid:374)tifies the parties to a (cid:272)o(cid:374)tra(cid:272)t. it deter(cid:373)i(cid:374)es (cid:449)ho (cid:272)a(cid:374) sue a(cid:374)d (cid:449)ho (cid:272)a(cid:374) (cid:271)e sued. The main goal of contract law is to enforce bargains and a bargain involves more than just offer and acceptance. Without that sort of exchange, a contract usually cannot exist. Consideration exists when a party either gives (or promise to give) a benefit to someone else or suffers (or promises to suffer) a detriment to itself. A contract must be supported by sufficient consideration. Sufficient consideration may be almost anything of value. Love and affection is not enough to support an enforceable agreement!