COMM 304 Lecture Notes - Lecture 1: Consideration
Document Summary
Legal consideration: what a person receives or is to receive for what he does or agree to do. Example: offer to give someone money and then i don"t: there"s no legal obligation here because i did not get anything back, there"s no legal obligation to pay unless there"s consideration (getting something back for it) Gratuitous promise: getting nothing in return: not all consideration is a valuable consideration. Value/ valuable consideration in the eyes of the law. Promise for a promise: example: i promise to sell you my car for five thousand dollars. Payment of money: even if it"s a one dollar: the court is only concerned with the sufficiency of consideration and the payment of money. Past consideration: example: entering into a contract with a contractor to build a house and the price of the house ,000. I will give you bonuses if you hire more people to work on the house. December, you will get a bonus of ,000.
