Chapter 10 law book
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show | what a person will receive in return for performing a contract obligation.
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Example of consideration - | show 🗑
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show | A promise to stay in a job until a particular project is complete (This is a benefit to the employer.)
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show | A promise to your football coach to refrain from riding your motorcycle during football season even though you love riding it
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show | a promise to cook dinner for your roommate for the next six months
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a promise to refrain from doing something - | show 🗑
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show | rule: for a promise to be enforced by the courts, there must be consideration
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A court will enforce one party's promise only if the other party promised something (an act, money, etc.) in exchange. For example - | show 🗑
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show | or a promise for a promise, occurred when the U.S. government seized control of insurance giant American International Group (AIG). The U.S. agreed to lend AIG up to $85 billion in exchange for nearly 80 percent of AIG's stock. The consideration AIG recei
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In a unilateral contract - | show 🗑
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show | bilateral and unilateral
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show | promise for a promise
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show | promise in exchange for an act
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Promissory Estoppel - | show 🗑
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show | Promissory estoppel
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promissory estoppel occurs when three conditions are met - | show 🗑
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Rule: the court seldom considers adequacy of consideration - | show 🗑
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Illusory Promise - | show 🗑
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Rule of Past Consideration - | show 🗑
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show | businesspeople consider contracts to be very important. Contracts are highly detailed. If there is a dispute, the parties refer to the contract terms. If the parties cannot agree, a lawsuit may be filed.
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show | Rule: A promise to do something that you are already obligated to do is not valid consideration. There are actually two parts to this rule. First, performance of a duty you are obligated to do under the law is not good consideration.
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Second, performance of an existing contractual duty is not good consideration. | show 🗑
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unforeseen circumstances - | show 🗑
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If unforeseen circumstances cause a party to make a promise regarding an unfinished project, - | show 🗑
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show | (i.e., more than she is obligated to do under the contract), the promise is valid consideration. In the pool example, if the contractor asks Gene for an additional $10,000 but agrees to add a waterfall and a deck to the pool, the promise to do the additio
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liquidated debt - | show 🗑
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example of liquidated debt - | show 🗑
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show | Debt for which the parties either dispute the fact that any money is owed or agree that some money is owed but dispute the amount.
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Accord and Sanctification - | show 🗑
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In an unliquidated debt, the parties either dispute the fact that any money is owed or agree that some money is owed but dispute the amount. A dispute over an unliquidated debt may be settled for less than the full amount if the parties enter into an acco | show 🗑
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show | is an arrangement between contracting parties whereby one of the parties substitutes a different performance for his or her original duty under the contract. The promise to perform the new duty is the accord, and the actual performance of that new duty is
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show | by the debtor, of the reduced amount. If the debtor fails to pay the new amount, the creditor may then sue for the full amount of the original debt. It pays to keep your word.
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One way that people sometimes attempt to create an accord and satisfaction is by - | show 🗑
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Under UCC Section 3-311 the rule remains in place but has two major exceptions. - | show 🗑
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Conditional Payments - | show 🗑
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