BLBU 2234 Chapter Notes - Chapter 12: Estoppel
15 Feb 2019
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Parties have exchanged something of value in the eye of the law. Consideration for a promise: an act other than a promise, forbearance, creation/modification/destruction of legal relation, return promise if any are bargained for and given in exchange for promise. Consideration exchanged for promise must be either a legal detriment to the promisee or a legal benefit to the promiser. Legal detriment: doing that which the promisee was under no prior legal obligation to do, refraining from doing that which he was previously under no legal obligation to refrain from doing. Legal benefit: obtaining by promisor of that which he had no prior legal right to obtain. Subject matter that parties agree to exchange does not need to have the same or equal value: consideration adequate if parties freely agreed to exchange. Requirement of legal sufficient consideration: parties agreed to an exchange, subject matter exchanged/promised in exchange either imposed a legal detriment upon promisee or conferred legal benefit upon promisor.
