Kaplan Pgs 194-202 Consideration Flashcards
What is a bargain?
The exchange of a promise for consideration
What is a gratuitous promise?
When were the promise he has not promised or given anything in return, so there is no consideration. These are generally unenforceable. Telling your sister that she can come and live in your guest house for free because you want to help her. This is not enforcible
When is the legal detriment test applied, and what does it mean?
Dash it is applied when there’s a question that there was no consideration
– it means that the promisee is doing some thing he had a legal right not to do, or foregoing some thing he had a legal right to do
Can in adequacy of consideration be a defense?
Generally no, because modernly courts do not like to police the adequacy of consideration
What is the difference between the wording “insufficient consideration“ and “in adequate consideration“?
– Insufficient: means no consideration was given
– in adequate: there was consideration, but it was a small amount
Does the “bargained for exchange“ of consideration require that the parties actually bargain?
No, it just refers to the presence or absence of an exchange between the parties
If you promise someone a new car for their birthday, is that enforceable?
No, because it is a gratuitous gift. But if you gave that person a new car for their birthday, that is legally binding and you cannot change your mind later
If someone makes a false recital of consideration, is there promised binding?
No, so if a grandma wrote on a piece of paper quotefor value received, I promise you $10,000.“ If there was no value received, that would not be an enforcible promise
What are the two situations when a promise he can enforce a promise that is not supported by consideration?
– past or moral consideration: A written promise to pay a debt that has been barred by the SOL, or to pay all or part of a debt that was discharged in bankruptcy
– promissory estoppel
What are the four requirements for promissory estoppel?
Dash promise
– for seeable reliance at the time of the promise
– actual reliance that is induced by the promise
– injustice without enforcement
