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7 Cards in this Set

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  • Back
Rule for Consideration
Consideration requires bargained-for-exchange for something of legal value.
An offer is bargained-for when the offeree could reasonably believe that the intent of the offeror was to induce the action.
These two things are not bargains
1. Gifts
2. Past Consideration
Legal Detriment
legal detriment results when the promisee does or refrains from doing something he or she is under no legal obligation to do but has the legal right to do.
(4) Factors involving legal detriment:
1. Pre-existing duty rule- no detriment
2. Contract modification needs some kind of new consideration
3. UCC exception--NO consideration required to modify contract for sale of goods, only good faith
4. Compromise of Claim (Valid or Invalid)
Rule for Promissory Estoppel
Promissory Estoppel, relied-upon legal detriment, will substitute as an element of contract formation in cases where consideration is absent.
(2) Factors involving Promissory Estoppel
1. Legal Detriment- same as consideration
2. Relied-upon-- Promisor should reasonably expect action or forbearance and such action or forbearance is in fact induced (charitable contributions).