BU231 Chapter 6: Chapter 6
Document Summary
Law doesn"t do anything about gratuitous promises. Accepted offer must have a bargain each party pays a price or promise to pay a value. Unilateral contract: price paid for the offeror"s promise is act done by offeree. Bilateral contract: price paid each party"s promise on each other. Consideration: price for which you promise of the other is bought: consideration when you get something or do something that you wouldn"t do without the other party. Gratuitous promise: promise made with absence of bargain (absence of desire of wanting something in return) If promisor doesn"t perform for promisee has no legal remedy (can"t go to court) If you give someone a gift you can"t get it back (change in property) Court doesn"t give a fuck if you made a good deal or not (if you made a good bargain or not) If a party agrees on an inadequate consideration that"s the parties fault not courts.
