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5 Cards in this Set
- Front
- Back
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CONSIDERATION |
To constitute consideration a performance or a return promise, must be bargained for
Bargain: "sought by the promisor in exchange for his promise and given by the promisee in exchange for that promise" |
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PROMISSORY ESTOPPEL |
1. Promise 2. Reliance is Foreseeable 3. Actual Reliance 4. Injustice can only be avoided by enforcement a. Reliance must be "reasonable" b. Reliance must be of a definite and substantial character 5. Remedy may be limited a. To out of pocket expenses incurred in reliance on the promise. |
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PROMISSORY RESTITUTION |
1. Past consideration 2. Promise to Pay a Debt that is barred by the statute of limitations 3. Promise to Pay a Debt Discharged in Bankruptcy 4. Promise to waive a condition 5. Promise to Pay a "voidable" duty (adult promise to complete a contract made underage) |
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MATERIAL BENEFIT RULE |
A promise made in recognition of a benefit previously received by the promisor from the promise is binding to the extent necessary to prevent injustice
A promise is not binding under subsection (1): - If the promise conferred the benefit as a gift, or for other reasons the promisor has not been unjustly enriched - to the extent that its value is disproportionate to the benefit |
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RESTITUTION |
Restitution to Prevent Unjust Enrichment of one person at the expense of another person - Quasi Contract - Contract "Implied in Law" - "Quantum Meruit" - "as much as he deserves" No mutual Assent; No consideration; No promise |
