TAILIEUCHUNG - Lecture Dynamic business law - Chapter 15: Consideration

After reading this chapter, you will be able to answer the following questions: What is consideration? What are the rules regarding consideration? What is promissory estoppel, and when can it be used? What is an illusory promise? What is the difference between a liquidated debt and an unliquidated debt? What is an accord and satisfaction? | Chapter 15 Consideration Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. Chapter 15: Consideration Consideration (Definition): Something of value, given in exchange for something else of value, that is the product of a mutually bargained-for exchange 15- Consideration is defined as something of value, given in exchange for something else of value, that is the product of a mutually bargained-for exchange. To support the enforceability of a contract, mutual consideration is required, meaning that both parties must give consideration. 15- Examples of Consideration Benefit to promisee Detriment to promisor Promise to do something Promise to refrain from doing something Examples of consideration include a benefit to the promisee, a detriment to the promisor, a promise to do something, or a promise to refrain from doing something. 15- Rules of Consideration For a promise to be enforced legally, there must be consideration Exception—Promissory Estoppel: One party makes promise knowing other party will rely on it Other party relies on promise (“actual reliance”) Justice dictates enforcement of promise, even though it is not supported by consideration Court rarely considers adequacy of consideration Illusory promise does not constitute consideration Past consideration does not constitute consideration for purposes of present contract Promise to do something you are already legally obligated to do is not valid consideration (“Pre-existing duty rule”) There are several important rules concerning the contractual requirement of consideration. First, as a general rule, there must be consideration given for a promise in order to legally enforce the promise. An exception is promissory estoppel, which occurs when one party makes a promise knowing the other party will rely on it, and the other party in fact relies on the promise to his or her .

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