ENVS 4101 Chapter : Ch 12 13
Document Summary
In a bilateral contract- consideration- one party receives a legal benefit or suffers a legal detriment- each promise was a consideration for the other. Illusory promise- a statement that is in the form of a promise but opposes no obligation upon the maker of the statement. An illusory promise is not consideration for a return promise. Still in contact with this person- 6 months later-you approach roommate about the money say you are strapped for cash- not going to pay you - going to pay you - and won"t have to pay you the other. Is there a dispute over the amount that is owed- if no dispute debt is liquidated- if there is a dispute- unliquidated. If amount is disputed- in good faith- new amount can be held up in court- always going to be able upheld-any resolution will be upheld: a student loan of . payable in 10yrs.
