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Benefit-detriment theory was replaced by this principle in determining consideration.
What is bargained-for exchange?
a performance or return promise bargained for in exchange for a promise
$1 for a very expensive house fails because it is only this kind of consideration.
What is nominal consideration?
Condition that just sets timing for a gift.
What is not valid consideration?
This term describes something of legal value that both parties intentionally exchange as part of their agreement.
What is consideration?
Rule that a promise to do what you already must do isn’t consideration
What is the pre-existing duty rule?
A gift promise is unenforceable because it lacks this.
What is consideration (no inducement)?
Test to spot whether a condition creates consideration
What is does the condition induce the promisor?
Can use benefit-detriment to SUPPORT -- looking if benefit the promisor and limit promisee’s freedom
A valid contract requires these two basic elements working together.
What are mutual assent (offer + acceptance) and consideration?
When a condition can count as consideration (like Hamer).
What is when the condition is also the promisee’s forebearance sought by the promisor?
Giving up a legal right (forebearance) at someone else’s request can satisfy this requirement for contract formation.
What is consideration?
When one party’s restraint from doing something benefits the other, the promise becomes this rather than a gift.
What is an enforceable contract supported by consideration?
A promise made in return for something that has already happened fails for lack of this essential component of a bargain.
What is BFE or inducement?