Wednesday, October 2, 2013

Consideration in a Nutshell

With all due respect to Professor Smith, when I use the video clip below in class, I partner it with the case of Hamer v. Sidway and talk about the potential confusion that can come from the legal benefit/detriment analysis.  Instead, I favor the "legal value" analysis for consideration.  Consideration being legal value, bargained for and exchanged. Legal value includes:

doing something (or promising to do something) you had no prior legal obligation to do, OR 
refraining from doing something (or promising to refrain from doing something) that you had a legal right to do

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