Contract: Consideration

Introduction to Business Law

English - April 03, 2013 01:08 - 24 minutes - 14.5 MB
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As an element of a valid contract, consideration requires that something of value be provided in exchange for a promise. The general rule is that s contract will be unenforceable if no consideration is provided. However, a promise not supported by consideration may be enforceable through the application of the doctrine of promissory estoppel.