1. Valid Offer
    what the offeror promises he will do and what he expects in return
  2. acceptance
    the offeree must accept the contract as stated
  3. sufficient consideration
    US constitution states people have certain inalienable rights (like human rights) all others have to duty to hold all of these rights
  4. tort
    legal right to live (trosh has the legal duty not to kill you)
  5. legal consideration
    each party in the contract suffers a legal detriment and gains a corresponding legal benefit
  6. legal detriment
    surrendering a legal right or assuming a legal burden
  7. legal benefit
    gaining a legal right
  8. pre existing legal obligation
    a duty (obligation) in which the offeror (promiser) all ready owes at the time he promises to assume that obligation
  9. liquidated debt rule
    partial payment of liquidated debt on or after the due date lacks sufficient consideration
  10. liquidated debt is an
    obligation that you can calculate
  11. unliquidated debt
    can not calculate monetary damages with a math formula
  12. adequacy of consideration
    the value of the consideration, the value of the product, never look at the value of the contract
  13. past consideration
    really just an exchange of gifts- past consideration is not considered sufficient consideration
  14. illusory promise rule
    one part is bound by the contract but the other party can cancel (the right to cancel rule)
  15. promissory estoppel
    in certain situations, the defendant is estopped from pleading lack of consideration
Card Set
vocab for chapter 12 blaw