Term
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Definition
| Consideration must be sufficient, but may not be adequate |
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Term
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Definition
| Past consideration is not good consideration (horse case, later promised that horse is sound and free of vice) |
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Term
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Definition
Past consideration can suffice if:
a. There was a request
b. Parties understood that the act would be rewarded
c. The payment must have been legally enforceable |
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Term
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Definition
| Performance of existing duties does not amount to consideration |
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Term
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Definition
| Performance of existing duties does not amount to consideration, unless some other benefit was conferred by the other party |
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Term
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Definition
Performance of existing duties can amount to consideration if:
a. At some stage the performing party will have doubts about whether he will be able complete the contract
b. The contracting party will promise an additional payment and as a result of the promise will obtain a practical benefit
c. Absence of duress |
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Term
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Definition
| Part payment of the debt is not consideration to forgo the balance |
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Term
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Definition
1. There must be a promise to waive a legal right and the promise must be intended to be acted upon
2. The promisee must have acted upon the promise
3. It would be inequitable for the promisor to go back on his promise |
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Term
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Definition
| Promisor can resume may be able to resume his original position by serving reasonable notice to the promisee |
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