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Chapter 12 BAFN

Define consideration there must be bargaining that leads to an exchange between the parties; can be anything that someone might want to bargain for
What can be bargained for? (3) another promise or action; a benefit to the promisor or a detriment to the promisee; a promise to do something or a promise to refrain from doing something.
Consideration for a promise should be at least one of these two things... Legally detrimental to the promisee, or Legally beneficial to the promisor.
Adequacy for consideration (3) 1) A Court will not question the fairness of the bargain if legally sufficient 2) Law does not protect a person from entering into an unwise contract 3) In extreme cases a court may find a party lacks legal capacity or that contract was unconscionable
Exception to Adequacy for consideration Economic Benefit -- in some cases, courts will enforce consideration that is an economic benefit, given with the expectation of later payment.
Define Illusory Promise If one party’s promise is conditional, the other party is not bound to the agreement.
Section 2-306 of the UCC does what? expressly allows output and requirements contracts in the sale of goods
Exception for Preexisting duties (2): Additional work. When a promisor agrees to do something above and beyond what he is obligated to do ; Modification. If both parties agree to a modification, the best solution is to rescind the contract and draft a new one.
What is Past consideration? Past consideration is an act or benefit given in the past that was not given in exchange for the promise in question, thus it cannot be consideration
Define Liquidated Debt is one in which there is no dispute about the amount owed.
Common Law ruling: If a debtor writes “Full Settlement” on a check, and the creditor cashes it.... the payment is in full whether or not it was the right amount
Exceptions to the common law ruling (2) : Organizations may notify debtors that any offers to settle debt for less than the whole amount must be directed to a certain person. The creditor can refund the paid amount within 90 days and then demand the full amount
True or False: Consideration is legal value bargained for and given in exchange for an act or a promise True
True or False: A person who agrees not to file suit has not provided valid consideration False – refraining from something a person is not legally obligated to do is valid consideration.
The contract or memorandum must be signed by the defendant, and It must state with reasonable certainty: (3) 1) the name of each party 2) the subject matter of the agreement, and 3) all of the essential terms and promises.
True or False: A contract for interest in land must be in writing to be enforceable True
Exception for Agreement for Interest in Land Promissory Estoppel: If a promisor makes an oral promise that should reasonably cause the promisee to rely on it, and the promisee does rely, the promisee may be able to enforce the promise
Define Collateral Promise When one person agrees to pay the debt of another as a favor to that debtor
True or False: A contract that cannot, by its own terms, be performed within one year from the date it was formed must be in writing to be enforceable True
True or False: An executor’s promise to use her own funds to pay a debt of the deceased must be in writing to be enforceable True
Created by: ryan3743