BBG 231 Lecture Notes - Lecture 29: Tunxis Community College, Rescission
6 Jan 2021
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When the bargaining power of the parties is so one-sided that the contract that results is really one that one party has imposed on the other one that violates the. Court determines on a case by case basis . Bargained for exchange: some definitions define consideration as being a benefit to the promisor or a loss or legal detriment to the promisee, but this is misleading consideration need not to be the detriment of anybody- Rule: generally, courts will not inquire into the adequacy of consideration once it has determined that there is sufficient consideration to support the contract. In order for an exchange of promises to constitute a sufficient consideration, both promises must be legally binding. Requirements and output contracts often have this problem. Rule: if the purchase of the output is strictly up to the buyer"s whim or caprice, there is no consideration.
