Contract Cont 09 26 2013 Consideration Something for something the barging for the benefit Gift Promises Non enforceable by law because they lack return consideration for the promise Adequacy Of Consideration Peppercorn Theory Some form of consideration is required by both parties even information as small as a peppercorn Forbearance enforceable by law as long as it is something you have a legal right Promise to not do something in a contract This is to do need to do it Pre Existing Duty Rule A promise to do something you already have a legal obligation to do this is non enforceable because you already Past Consideration The promise to pay someone for an already completed act There is no legal standing Acceptations To The Consideration Rule Pledges To Charity Promise to make a gift this is enforceable as a matter of public policy Promissory Estoppel Detrimental Reliance and Substantial Loss are key words to look for
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