LAW 122 Lecture Notes - Lecture 8: Himalaya Clause, Estoppel
4 Apr 2016
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Consideration exists when a party either gives (or promises to give) a benefit to someone else or suffers (or promises to suffer) a detriment to themselves. Law will not enforce gratuitous promises (promises given for free) Element of exchange: must move from each party but not necessarily to other party. Sufficient consideration may be almost anything of value. Anything that law recognizes as having value (goods, services, land) Adequate consideration has essentially the same value as the consideration for which it is exchanged for law. Law does not protect people from foolish bargains. Forbearance to sue (sufficient consideration if legal claim is valid) A promise to not pursue a lawsuit. Plaintiff promises not to bring the matter into court and the defendant agrees to pay less money than they allegedly allowed. Plaintiff surrendered the right not to claim money (you be the judge 8. 1 186)
