UGBA 175 Chapter Notes - Chapter 12: Contract, Exclusive Dealing, Estoppel

• School: Berkeley
• Department: Business Administration Undergraduate Program
• Course: UGBA 175
• Professor: Alan Ross Alan

Document Summary

Consideration: primary basis for the enforcement of promises in our legal system, inducement to make a promise enforceable, something of value. May be an (1) act (2) forbearance (3) promise to act or forebear. Restatement defines consideration (1) act other than a promise (2) forbearance (3) creation, modification or destruction of a legal relation (4) return promise if any of these are bargained for and given in exchange for the promise. 2 elements (1) legal sufficiency and (2) bargained for exchange. Legal detriment: (1) doing that which the promisee was under no prior legal obligation/ duty to do, (2) refraining from doing that which the promisee was under no prior legal obligation/ duty to refrain from doing. Legal benefit: (1) obtaining by the promisor something he had no prior legal right to obtain. Legal sufficiency has nothing to do with adequacy of consideration (same or equal value?)