Forming a Contract: Substantive Enforceability Grounds Biblarz Outline 12-7.

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Does a Contract Exist? Forming a Contract: Substantive Enforceability Grounds Consideration, Reliance & Benefit Consideration There Must Be a Bargain  R2K 17(1): Formation of a contract requir... es a bargain in which there’s a manifestation of mutual assent to the exchange, plus consideration.  Inducement Test: Did the other party’s performance or counter-promise induce the promise? R2K 71 o “(1) To constitute consideration, a performance or a return promise must be bargained for. o (2) A performance or return promise is bargained for if it is sought by the promisor in exchange for his promise and is given by the promisee in exchange for that promise.”  Policy: Don’t enforce gift promises because we want to keep the law out of private spheres. o Case: Kirksey v. Kirksey (dick brother in law induces sis to move) Adequacy of Value Exchanged (Not Neede [Show More]

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