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A promise to give a gift (non-enforceable)
Consideration is in form only. Value is used to be binding and hide true amount.
wax seal which could remove the need of consideration
A promise may be enforceable without consideration if the promisor should have reas. expected the promisee to rely on and did rely on promise
Defensive doctrine preventing one party from taking unfair advantage of another.
Prevented from arguing no consideration if:
Facts misrepresented or concealed
Knowledge of true facts
Inducement and reliance
Injury to complainant
Clear, concise, unequivocal proof of actus (not by implication)
restore to where would have been if promise had not been made
Put in position would have been if promise had been kept. (Better off than before)
$$ to make promisee equally well off.
Costs incurred relying on promise
Cost on missed opportunity by focusing on promised opportunity. Difference between prices.
Ex: B goes to buy a $10,000 car. A says buy a different on and ill pay. B shops for diff one. A takes back promise. Old car goes up to $11,000. B buys that car and suffered opportunity cost of $1,000.