Law 294 - Chapter 8

When a party gives (or promises to give) a benefit to someone else or suffers (or promises to suffer) a detriment to itself.

Consideration must move from both sides of the contract, but not necessarily given to the other side.

Almost anything of value.

Essententially same value as the consideration for which it is exchanged.

An obligation that existed, but was not actually preformed before the contract was contemplated.

NO! Firefighters and police have to do their job.

Yes. It is very important for business.

No, the same person cannot be required to pay twice for the same benefit.

Promise to accept smaller sum is enforceable if it is placed under seal.

If the debtor gives something new in exchange for it.

A doctrine that prevents a party from retracting a promise that another party has relied upon.

Promise not to pursue a lawsuit.

A mark put on a written contract to indicate a party's intention to be bond by the terms even though the other party may not have given consideration.

A rule that precludes a person from disputing or retracting a statment that they made earlier.

1. The representor must clearly that it will not enforce its legal rights against the representee.

2. The representee must rely on the statement in a way that would make it unfair for the representor to retract its promise.

3. The representee must not be guilty of inequitable behaviour.

4. The reprsentor's statment must be made in the context of an existing legal relationship.

The party making the promise.

The party recieving the promise.

Someone who did not participatein the creation of the contract.

A doctrine that refers to the relationship that exists between the individuals who create a contract.

Assignment

Trusts

Statute

Employeement

Himalaya Clause

A process in which a contractual party transfers its rights ti a third party.

The contractual party who assigns its contractual rights.

The stranger to whom the contractual rights are assigned.

The original contracting party against whom the assigned right can be enforced.

An assignment that was traditionally enforced by the courts of equity.

An assignment that conforms to the requuirements of a statute.

1. Must be written.

2. Written notice is required.

3. Must be absolute at the time that it is created. (Not conditional)

True.

Bankruptcy

Death

Occurs when a contractual party arranges to have a stranger perform its obligations.

When one person administers property on behlaf of another.

The person who holds the property on behalf of another.

The person on whose behalf the property is held.

No. The customer can sue them in tort.

A special term of contract that protects a third party beneficiary from liability.