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Reciprocity, you scratch my back and I'll scratch yours
- a promise a person makes without asking for anything in return
- usually not enforceable
Idea of Consideration
to be able to enforce a person's promise, he must be seeking something in exchange for his promise and you must give it to him
Element #1: Legal Value
-the person receiving the promise must give legal value to the person making the promise
-something a person:
+has the right to give
+something he has no previous obligation to give
Types of Legal Value
1. A promise
2. an act
a promise as legal value
to do something you have no previous obligation
to refrain from doing something you have the right to do
an act as legal value
that you have no previous obligation to do
refraining (forbearing) as legal value
from doing something you have the right to do
Element #2: Bargained for Exchange
- the legal value given is what the promisor sought in exchange for his promise
3 Exchanges Not Consideration
Promise to perform a pre-existing obligation (don't drink before 21)
Illusory Promise (If I feel like it)
"Past Consideration" (make promise after act is performed)
Modification to K under Common Law
requires new consideration to support a modification of K
Modification to K under UCC
does not require new consideration for a modification as long as the modification is in good faith
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