The Name of the Class
The Name of the School
The City and State
Contract Law
In order to advice Olivia, it is necessary to define consideration in a contract, part payment of a debt and the doctrine of promissory estoppels. A consideration in the law of contracts refers to an item that has value that one party promises another in a legally binding agreement. It must be something of value and not necessary money. Therefore, a consideration refers to where one valuable thing is exchanged for another; it can be in the form of benefit, profit, interest, or right given to one party
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