Preexisting duties - PowerPoint PPT Presentation

Section 8.2

Section 8.2. What You’ll Learn. How to identify agreements that are enforceable without consideration (p. 173) How to explain the legal concept of promissory estoppel (p. 175). What You’ll Learn. How to identify agreements that are not enforceable without consideration (p. 176)

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ELEMENTS OF A CONTRACT

ELEMENTS OF A CONTRACT. BUSINESS LAW CHAPTER 5. Objective #1 – Assess Contractual Capacity. Capacity - the legal ability to enter into a contract.

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Consideration is legal value bargained for and given in exchange for an act or a promise

Elements of Consideration. Consideration is legal value bargained for and given in exchange for an act or a promise. Purely gratuitous promises are not enforceable because not supported by consideration. 12 - 1. Legal Value of Consideration.

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