BU231 Chapter Notes - Chapter 6: Estoppel, Quantum Meruit, Covenanter
Document Summary
An accepted offer will not be recognized as an enforceable contract unless it has consideration. Consideration: the price for which the promise of the other is bought. Bargain: each party pays a price for the promise of the other. In essence, the accepted offer must form a bargain. In a unilateral contract: the price paid for the offeror"s promise is the act done by the offeree. In a bilateral contract: the price paid for each party"s promise is the promise of the other. If cox failed to pay adams as agreed and adams sued him for breach of contract, she would succeed. Consideration is essential to make a contract legally binding. A promise made in the absence of a bargain is called a gratuitous promise and is not enforceable in law. However, an example of where a gratuitous promise may be enforced by law is if a charity began a specific project in response to the promise.
