The second is the “bargain theory”, in which the parties subjectively view the contract to be the product of an exchange or bargain. 2) a vital element in the law of contracts, consideration is a benefit which must be bargained for between the parties, and is the essential reason for a party entering into a contract. Giving up an existing legal right. Kat has a Master of Science in Organizational Leadership and Management and teaches Business courses. lessons in math, English, science, history, and more. a. being found guilty in a criminal case. Log in here for access. Over 79,000 lessons in all major subjects, {{courseNav.course.mDynamicIntFields.lessonCount}}, Parties to a Contract: Promisor, Promisee & Beneficiary, Termination of an Offer in Contract Law: Methods & Examples, What Is Acceptance in Contract Law? All Rights Reserved. Taking on a new legal duty. d. taking on a new legal duty. Consideration must be of value (at least to the parties), and is exchanged for the performance or promise of performance by the other party (such performance itself is consideration). {{courseNav.course.topics.length}} chapters | Not sure what college you want to attend yet? Services. Well, he did not actually say that, but let's assume he said something like that. Ano ang pinakamaliit na kontinente sa mundo? To sum this up, regardless how small the consideration is, a contract is enforceable as long as the promisee suffers a detriment and the promisor receives a benefit. Select a subject to preview related courses: Story II appointed Hamer permission to sue for the distribution of the funds. There are a couple of things the law will recognize when evaluating whether a pre-existing duty to perform exists: If the answer is yes, then legal detriment is present and means that the promisee will lose something in order to gain some other thing he desires. Ano ang mga kasabihan sa sa aking kababata? Already registered? In summary, a party to a contract experiences legal detriment when they perform an act the party is not obligated to perform or refrains from doing something the party has a right to do. C [moderate] Visit the Business Law: Help and Review page to learn more. - Definition & Examples, Obligation: Legal Definition, Types & Examples, Biological and Biomedical Why don't libraries smell like bookstores? Any loss or harm to a person or property; relinquishment of a legal right, benefit, or something of value. Answer Save. In order to make for a valid contract and for legal detriment to have been suffered, consideration must be exchanged. Log in or sign up to add this lesson to a Custom Course. Ano ang mga kasabihan sa sa aking kababata? To unlock this lesson you must be a Study.com Member. Legal detriment means that the person who was promised something has acted based on the promise and has suffered some foreseeable harm. Copyright © 2020 Multiply Media, LLC. 2) a vital element in the law of contracts, consideration is a benefit which must be bargained for between the parties, and is the essential reason for a party entering into a contract.
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