BLAW CHAPTER 12

what the offeror promises he will do and what he expects in return

the offeree must accept the contract as stated

US constitution states people have certain inalienable rights (like human rights) all others have to duty to hold all of these rights

legal right to live (trosh has the legal duty not to kill you)

each party in the contract suffers a legal detriment and gains a corresponding legal benefit

surrendering a legal right or assuming a legal burden

gaining a legal right

a duty (obligation) in which the offeror (promiser) all ready owes at the time he promises to assume that obligation

partial payment of liquidated debt on or after the due date lacks sufficient consideration

obligation that you can calculate

can not calculate monetary damages with a math formula

the value of the consideration, the value of the product, never look at the value of the contract

really just an exchange of gifts- past consideration is not considered sufficient consideration

one part is bound by the contract but the other party can cancel (the right to cancel rule)

in certain situations, the defendant is estopped from pleading lack of consideration