- State University of New York - Fashion Institute of Technology
- Business Law
- Business Law Bl343
Last Modified: 2011-05-26
A promise to refrain from doing an illegal act. Such a promise will not support a contract.
A contract into which both parties enter but one or both of the parties can choose not to perform their contractual obligations. Thus, the contract lacks consideration. Also known as an illusory contract.
A prior act or performance. Past consideration (e.g. prior acts) will not support a new contract. New consideration must be given.
Something a person is already under an obligation to do. A promise lacks consideration if a person promises to perform a preexisting duty.
* Public servants are under a preexisting duty to perform their functions.
The manifestation by two or more persons of the substance of a contract.
The manifestation of willingness to enter into a bargain, so made as to justify another person in understanding that his assent to that bargain is invited and will conclude it
3 elements required-
1. The offeror must objectively intend to be bound by the officer
2. The terms of the offer must be definite or reasonably certain
3. The offer must be communicated to the offeree.
A theory that says the intent to contract is judged by the reasonable person standard and not by the subjective intent of the parties.
* I will buy your building for $2 million is a valid offer
* Are you interested in selling your building for $2 million is NOT an offer
An invitation to make an offer, or an actual offer.
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