Chapter 12

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casenote
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155677
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Chapter 12
Updated:
2012-05-24 14:19:43
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Chapter 12
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Chapter 12
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  1. Consideration (General Rule)
    If a promise is not supported by consideration, the promise is not legally enforceable under contract law.
  2. Consideration must contain
    Legal Value & Bargain for Exchange
  3. Legal Value
    Promisee gives up a right or agrees to do something they have no prior legal duty to do
  4. Bargain for Exchange
    Motive for agreement
  5. Bilateral Contract
    Most do not have a consideration problem since each promise serves as consideration for the other.
  6. Unilateral Contract
    Most do not have consideration problem since the performance of the requested act serves as consideration for the promise.
  7. Gratuitous Promise
    1 of 2 problem situations where lack of consideration makes a promise uneforceable. (ex: a promise to make a gift)
  8. Contract Modification (CL)
    1 of 2 problem situations where lack of consideration makes a promise uneforceable. Promissee has a prior legal duty (under contract) to perform its promise. If one of the parties wants to change the contract and the other party accepts but does NOT do anything else on their end, modification is not enforceable. Both parties would need to do something different for it to be enforceable.
  9. Contract Modification (UCC)
    In a contract for the sale of goods under the UCC, consideration DOES exist if the modification was agreed to by both parties acting in good faith (here, the original promise IS legally binding on the promisor). Does NOT require both parties to do something new or different which they had no prior legal duty to do.
  10. Promissory Estoppel
    Where one party has relied, to their detriment, on the promise made by another party. Under modern contract law, the consideration requirement does NOT need to be satisfied. (ex: mom promises daughter money for house and after daughter puts down down-payment, mom changes mind. )

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