Chapter10 Essay Example | Topics and Well Written Essays - 750 words

Chapter10 - Essay Example In an example, when Dan comes into agreement with Mary that he will purchase her car for 1,000, the payment given by Dan is consideration. A key aspect in to understanding rules of consideration. The main rule used in lack of consideration is that for a promise to be enforced by the law of court there must be consideration. The types of consideration are considered in the law of intellectual property include a benefit to the promisor, a detriment to the promise, a promise to do something and a promise to refrain from carrying out an activity (Kubasek and Nancy, 2015). Promissory estoppel can be defined as a legal enforcement of an otherwise unenforceable contract as a result of detrimental reliance on the contract. Promissory estoppel is considered in different aspects including when one party makes a promise knowing that the other party will rely on it, the only way to avoid injustice is to enforce the promise and when the other party does rely on the promise (Kubasek and Nancy, 2015). In an example, when one receives a job offer and the person the job is offered cancels all the other activities involved in using finances and then told there is no job, the person under Promissory estoppel is able to sue the employer. According to the court, there is consideration of adequacy of consideration. The rule used in this aspect is that there is no weighing of whether there was making of a good bargain. In an example, when one is in the verge of bankrupt and the person’s creditors are posing threats of legal action, the person knows that when there is default of mortgage, there is ability of selling the assets so that the creditors are able to be paid (Kubasek and Nancy, 2015). The person may decide to sell all the assets and claim he is bankrupt knowing that the creditors will have nothing to collect. The court in this aspect will look at the adequacy of