1
Q
Every contract requires ___ on both sides of the transaction.
A
Consideration
2
Q
Consideration requires…
A
1) a bargained-for exchange
2) that which is bargained for just be of legal value
3
Q
What is a “bargained-for exchange?”
A
the promise must induce the detriment and the detriment must induce the promise
4
Q
Legal value is determined if there is either…
A
1) A detriment to the promisee or 2) benefit to the promisor.
5
Q
Consideration serves three evidentiary functions. What are they?
A
Evidentiary:
Cautionary:
Channeling:
Contracts Law
flashcards
Decks in class (19)
# Cards
-
Contract Formation8
-
Consideration5
-
Conditional Gifts3
-
Adequacy and Other Characteristics of Consideration7
-
Preexisting Legal Duty Rule4
-
Contract Modification: under PELD11
-
Promissory Estoppel2
-
Restitution7
-
Introduction to Mutual Assent3
-
Offer6
-
Acceptance and Other Responses to the Offer7
-
Irrevocable Offers5
-
Mutual Assent and the Battle of the Forms8
-
Contract Formation: Statute of Frauds5
-
Defenses and Excuses29
-
Parol Evidence8
-
Ambiguous Terms5
-
Breach of Contract13
-
Introduction to Remedies11
