For consideration to have “legally sufficient value,” it must con¬sist of goods or money.

A promise by one party to pay another for refraining from an act is enforceable.

A transaction that lacks a bargained-for exchange lacks an element of consideration.

Parties are not generally free to bargain as they wish.

Risks ordinarily assumed in business do not constitute consideration for the modification of a contract.

Rescission is the dissolution of a contract that returns the parties to the positions they held before the contract.

A promise to do what one already has a legal duty to do is legally sufficient consideration.

A promise to pay for an act that has yet to occur is unenforceable.

An illusory promise is a promise that is enforceable without consideration.

A covenant not to sue is against public policy.

The doctrine of promissory estoppel does not apply if there is a clear and definite promise.

Kelsey promises to pay Jon, her son, $15,000 if he obtains his degree at Ivy University, where he is currently in his second year. Jon graduates. Kelsey is

Teachers: Create FREE classroom games with your questions Click for more info!
©2007-2024 Review Game Zone | About | Privacy | Contact | Terms | Site Map