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Contracts, Fall 2008 Class 3

Contracts, Fall 2008 Class 3. Consideration. Bargained-for exchange of legal detriments Don’t need “actual” benefit or detriment May not need “bargain” or “bargaining” so long as each party’s behavior induced the other’s Promisor had promisee’s performance as a desired/intended end.

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Contracts, Fall 2008 Class 3

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  1. Contracts, Fall 2008Class 3

  2. Consideration • Bargained-for exchange of legal detriments • Don’t need “actual” benefit or detriment • May not need “bargain” or “bargaining” so long • as each party’s behavior induced the other’s • Promisor had promisee’s performance as a desired/intended end

  3. Consideration • “It is an elementary principle that the law will not enter into an inquiry as to the adequacy of the consideration.” • BUT: grossly inadequate consideration may indicate fraud, mistake, lack of capacity, duress, undue influence, or unconscionability.

  4. Agency • Actual authority (of A, binding P) • Express • Implied/inherent • Apparent authority (manifestation to 3d parties by P re: A’s authority) • Ratification (after the fact, P authorizes A, including by conduct) • Estoppel (A acts purportedly for P notwithstanding lack of authority; P finds out and does nothing)

  5. Substitutes for Consideration • Promissory Estoppel • Restitution

  6. Promissory Estoppel • Promissory Estoppel: Reliance in lieu of bargained-for exchange. Rest. 2nd §90(1): • action or forbearance • induced by promise • that promisor reasonably should expect • injustice can be avoided only by enforcing the promise • remedy is limited ‘as justice requires’

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