(Q1) Consideration & Illegal Agreements pg 12-13

• Whatever a promisor (offeror) gives or promises to give to another in exchange for that other person’s promise or action to give to them. • Both parties must give consideration but does not have to be equal. Must be something of value

promising not to do something. Can act as consideration if you had a legal right to do it.

A) the lesser sum is accepted on a disputed amount b) a receipt marked paid in full is given to debtor c) there is a composition of creditors agreement

a) charitable subscriptions, pledges, etc. b) promissory estoppel

Many parts that can be preformed separately

All parts are performed as one

a) Gambling Contracts b) Sunday Contracts c) Usury d) Unlicensed Operators e)Sale of Prohibited Articles f) Restraint of Trade

charging an excessive rate of interest for the loaning of money

by state statute

Agreed to by parties but regulated by statute

Price fixing, dividing trade territories, and lesson competition

can be legal if reasonable re: time and area

illegal to operate certain businesses without a license; contracts made under unlicensed operators are void