Home >> Flashcards >> Law >> Business Law (S and R) ed. 14
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Details
Title: Business Law (S and R) ed. 14
Description: Chapter 12
Total Flash Cards: 5
Created: 05/03/2009 05:49:45
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Cards in this set:
Term
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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. |
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Term
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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. |
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Term
Legal Sufficiency
-legal detriment |
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Definition
| doing an act one is not legally obligated to do (or not doing) |
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Term
Legal Sufficiency
-legal benefit |
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Definition
| the obtaining by the promisor of theat which he had no prior legal right to obtain. |
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Term
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Definition
| not required where the parties have freely agreed to the exchange |
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