Details Title: Business Law (S and R) ed. 14 Description: Chapter 12 Total Flash Cards: 5 Created: 05/03/2009 05:49:45		New Users: To study from this flashcard set, or to create your own your own study flash cards, REGISTER HERE. Existing Users: CLICK HERE. Additional Law Flashcards
Cards in this set: 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