Chapter 7 Flashcards
1
Q
Consideration
A
- price paid for the contract
- could be money, could also be performance
- past consideration = no consideration
- consideration must be in present or future
2
Q
Gratuitous Promise
A
no consideration = no contract
3
Q
Equitable Estoppel
A
- if statement is made, they have to stand by it even if it’s false
- court exercising equitable jurisdiction to prevent party from denying their promises
- can only be used as a defence and not a cause of action
4
Q
Seals
A
- act of sealing a document
- when document is sealed, the covenanter adopted document as a solemn promise
- will act on document no matter what
5
Q
Intention to Create legal relations
A
reasonable bystander test
-did the outward conduct of the parties lack a serious intention to create legal obligations?
