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What is Consideration?
~Consideration means that there must be bargaining that leads to an exchange between the
parties
~It can be anything of measurable value that someone might want to bargain for
- A promiser = The person who offers the promise
- Promisee = The person who receives the promise
- If one side gets all the benefits and the other side gets nothing, then an agreement lacks
consideration and is not an enforceable contract.
*The concept of consideration is to determine:
1. What the two parties have provided one another? - Value
2. What they have given up in a contract? - Exchange
What’s the Value?
~The thing bargained for can be:
- An act - any action that the party was not legally required to do (if I clean your house,
you give me $70)
-Forbearance - refraining from doing something that the party has a legal right to do (if
you quit drinking for 2 months, I pay you $500)
~Consideration supports a contract: To either benefit one party OR cause a party to suffer a
