- Benefit/Detriment Theory (Traditional View)
- Benefit to the promisor OR detriment to the promisee.
In general, a waiver of any legal right
Bargain for Exchange Theory (Modern View)
-quid pro quo (MSPE)
- Promise induces the detriment and the detriment
- induces the promise
(a) Was there a promise made
by the promisor? (Offer)
(b) Was there a promise or performance sought by promisor
in exchange for the promise made?
(c) Was there a promise or performance by the promisee
(i) Remember: Performance can be in the form of a forbearance.
- (d) Was it in exchange for the promise made
- by the promisor? (quid pro quo)