8.1 b a c kn e x t h o m e chapter 8 objectives explain consideration. explain when partial...

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8.1 b a c k n e x t h o m e Chapter 8 Objectives Explain consideration . Explain when partial payment constitutes consideration. Give three examples of insufficient or invalid consideration. Recognize when consideration is not required. © 2002 West Educational Publishing To accompany Law for Business, 14e, by Ashcroft and Ashcroft

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Page 1: 8.1 b a c kn e x t h o m e Chapter 8 Objectives Explain consideration. Explain when partial payment constitutes consideration. Give three examples

8.1

b a c k n e x th o m e

Chapter 8 Objectives

Explain consideration .Explain when partial payment constitutes

consideration.Give three examples of insufficient or

invalid consideration.Recognize when consideration is not

required.

© 2002 West Educational Publishing To accompany Law for Business, 14e, by Ashcroft and Ashcroft

Page 2: 8.1 b a c kn e x t h o m e Chapter 8 Objectives Explain consideration. Explain when partial payment constitutes consideration. Give three examples

8.2

b a c k n e x th o m e

Consideration

Consideration is whatever the promisor demands and receives for a promise.

The promise must impose an obligation upon the person making it.

Consideration may be doing a certain act or refraining from doing a certain act.

Adequacy of consideration is usually irrelevant.

Page 3: 8.1 b a c kn e x t h o m e Chapter 8 Objectives Explain consideration. Explain when partial payment constitutes consideration. Give three examples

8.3

b a c k n e x th o m e

Partial Payment as Consideration

Partial payment of a past-due debt cannot be consideration.

Insufficient consideration includes Performing or promising to perform

what one is already obligated to do. Refraining from doing what one has

no right to do. Past performance.

Page 4: 8.1 b a c kn e x t h o m e Chapter 8 Objectives Explain consideration. Explain when partial payment constitutes consideration. Give three examples

8.4

b a c k n e x th o m e

Consideration Requirement

If Howard pledges $500 to help support his local Public Broadcasting System radio station, is he legally bound to then donate the $500?

Yes Is consideration necessary to support

an obligation of record, such as a judgment?

No

QuickQuiz

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QuickQuiz

Page 5: 8.1 b a c kn e x t h o m e Chapter 8 Objectives Explain consideration. Explain when partial payment constitutes consideration. Give three examples

8.5

b a c k n e x th o m e

Elements of Promissory Estoppel

A promise is made.A promise is made.

Promisor reasonably expects the promise to induce action by promissee.

Promisor reasonably expects the promise to induce action by promissee.

The promissee does not act.The promissee does not act.

Justice requires enforcement of the promise.

Justice requires enforcement of the promise.

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