Class 2 - Consideration

Question 1

Consideration

Answer 1

“Bargained” for “detriment”; must be considered as such by both parties.

Question 2

“Bargained”

Answer 2

voluntary assumption of an obligation by one party upon condition of an act or forbearance of an act by the other.

Question 3

“Detriment”

Answer 3

a. An act other than a promise
b. A forbearance
3. The modification or destruction of a legal relation
4. A return promise

Question 4

Detriment boundary posts

Answer 4

a. A detriment can be however slight, (even as slight as monetarily unrealized legal right, such as a dud patent)

Question 5

Fuller Policy (Form)

Answer 5

a. Evidentiary
b. Cautionary
c. Channeling (indicator of legal intent)

Question 6

Fuller Policy (Substance)

Answer 6

a. Private autonomy
b. Reliance of promisee
c. Unjust enrichment of promisor
d. Morality

Question 7

Gift

Answer 7

Benefit to the promisee without detriment to the promisor (no consideration - unenforceable).

Question 8

To determine if indeed a gift

Answer 8

1. An inquiry whether the happening of the condition will be a benefit to the promisor
2. No unjust enrichment should arise from enforcing the gift

Question 9

Formalism

Answer 9

Not a guarantee that consideration is present (Dougherty v. Salt)

Question 10

When should contracts be interpreted?

Answer 10

At the time of their creation, not the time of their breach.