Week 3: Wk 3: Chps 6 & 7 – Threaded discussion
Do the classic rules requiring consideration
change when a contract between merchants is being modified? If so, how?
In some instances, a party will be able to
enforce an agreement that lacks mutuality of obligation (consideration).
Reasonably relying on a gratuitous promise that is carelessly broken and that
produces hardship is just one example. As you already know, this would be an
example of promissory estoppel. Can you identify the other theories?