Shared Flashcard Set

Details

Business Law (S and R) ed. 14
Chapter 12
5
Law
Undergraduate 4
05/03/2009

Additional Law Flashcards

 


 

Cards

Term
Consideration
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.
Term
Legal Sufficiency
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.
Term
Legal Sufficiency
-legal detriment
Definition
doing an act one is not legally obligated to do (or not doing)
Term
Legal Sufficiency
-legal benefit
Definition
the obtaining by the promisor of theat which he had no prior legal right to obtain.
Term
Adequacy
Definition
not required where the parties have freely agreed to the exchange
Supporting users have an ad free experience!