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An excerpt from a law textbook discussing the concept of agreements without consideration. It covers various types of enforceable and unenforceable agreements, including promises under seal, debts barred by statutes of limitations, promissory estoppel, and illusory promises. The text also explains the importance of understanding the difference between contracts that require consideration and those that do not.
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Agreements without Consideration
What You’ll Learn
How to identify agreements that are enforceable without consideration (p. 173)
How to explain the legal concept of promissory estoppel (p. 175)
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Agreements without Consideration
What You’ll Learn
How to identify agreements that are not enforceable without consideration (p. 176)
How to distinguish between past consideration and preexisting duties (p. 177)
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Agreements without Consideration
Legal Terms
seal (p. 173) promissory estoppel (p. 175) option (p. 176) firm offer (p. 176) illusory promise (p. 177) past consideration (p. 177) preexisting duty (p. 177)
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Agreements without Consideration
Enforceable Agreements without Consideration Promises under Seal Promises after Discharge in Bankruptcy Debts Barred by Statutes of Limitations Promises Enforced by Promissory Estoppel Option
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Agreements without Consideration
Do you think any agreements would be enforceable without consideration? Why or why not?
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Agreements without Consideration
Some courts have eliminated the requirement of consideration in certain agreements.
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Agreements without Consideration
Some common agreements in this category include:
Promises under seal Promises after discharge in bankruptcy
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Agreements without Consideration
Debts barred by the statute of limitations Promises enforced by promissory estoppel Options
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Agreements without Consideration
Today most states that require a seal will permit the seal to be indicated by the addition of seal or L.S. (locus sigilli , which translates to “place of the seal”).
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Agreements without Consideration
A person who has had his or her debts discharged in bankruptcy can reaffirm the debt, which means he or she has decided to pay the debt voluntarily.
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Agreements without Consideration
A statute of limitations establishes the time frame within which a party is allowed to bring suit. Different states set different time limits for the collection of a debt.
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Agreements without Consideration
No new consideration is needed for a debtor to reaffirm a debt barred by the statute of limitations.
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Agreements without Consideration
Promissory—containing or consisting of a promise. Estoppel—restraint on a person to prevent him or her from contradicting a previous act.
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Agreements without Consideration
The doctrine is used to prevent injustice when a person changes his or her position significantly in reliance on another person’s promise and the promise is not fulfilled.
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