Term
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Definition
primary basis for the enforcement of promises in our legal system. Two main elements: 1. legal sufficiency (something of value) and 2. bargained for exchange. |
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Term
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Definition
to be legally sufficient, the consideration exchanged for the promise must be either a legal detriment to the promisee or a legal benefit to the promisor. |
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Term
Legal Sufficiency -legal detriment |
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Definition
doing an act one is not legally obligated to do (or not doing) |
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Term
Legal Sufficiency -legal benefit |
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Definition
the obtaining by the promisor of theat which he had no prior legal right to obtain. |
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Term
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Definition
not required where the parties have freely agreed to the exchange |
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