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BLAW CHAPTER 12
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Valid Offer
what the offeror promises he will do and what he expects in return
acceptance
the offeree must accept the contract as stated
sufficient consideration
US constitution states people have certain inalienable rights (like human rights) all others have to duty to hold all of these rights
tort
legal right to live (trosh has the legal duty not to kill you)
legal consideration
each party in the contract suffers a legal detriment and gains a corresponding legal benefit
legal detriment
surrendering a legal right or assuming a legal burden
legal benefit
gaining a legal right
pre existing legal obligation
a duty (obligation) in which the offeror (promiser) all ready owes at the time he promises to assume that obligation
liquidated debt rule
partial payment of liquidated debt on or after the due date lacks sufficient consideration
liquidated debt is an
obligation that you can calculate
unliquidated debt
can not calculate monetary damages with a math formula
adequacy of consideration
the value of the consideration, the value of the product, never look at the value of the contract
past consideration
really just an exchange of gifts- past consideration is not considered sufficient consideration
illusory promise rule
one part is bound by the contract but the other party can cancel (the right to cancel rule)
promissory estoppel
in certain situations, the defendant is estopped from pleading lack of consideration
Author
abifulco
ID
13637
Card Set
BLAW CHAPTER 12
Description
vocab for chapter 12 blaw
Updated
2010-04-09T01:05:00Z
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