Date:18.05.2016, 12:13 Comments: a. No dutyis generallyimposed onone who makes an informal promise unless the promise is supported by sufficient consideration. The fact that the promisee relies on the promise to his injury, orthe promisor gains someadvantage therefrom, does not establish consideration without the element of bargain or agreed exchange; but some informal promises are enforceable without the element of bargain. 76. WHAT ACTS OR FORBEARANCES ARE SUFFICIENT CONSIDERATION FONILATERAL CONTRACT Any consideration that is not a promise is sufficient to satisfy the requirement of 19(c except the following: (a) An act or forbearance required by a legal duty that is neither doubtful nor the subject of honest and reasonable dispute if the duty is owed either to the promisor or to the public. (b) The surrender invalid claim or defense by. The Restatement of the Law of Contracts, 42 Yale Law Journal 643 (1933). 6, 7, and see also id. at 75 ot seq. President Wickersham has well pointed out. 38: REJECTION OF AN OFFER BY COUNTER -OFFER A counter-offer bythe offeree, relatingto the same matter as the original offer, is arejection of the original offer, unless the offeror in his offer, or the offeree in his counter-offer states that in spite of the counter-offer the original offer shall not be terminated. 40. WHAT LAPSE OF TIME TERMINATES AN OFFER (1) The power to create a contract byacceptance of anoffer terminates at the time specified in the offer, or, if no time is specified, at the end of a reasonable time. (3) In the absence ofusage or a provision in the offer tothe offer sent bymail is seasonably accepted if an acceptance is mailed at any time during the day on which the offer is received. Comments: b.Wherea bilateral contract is contemplated a reasonabletime for making the return promise requested is generally brief. Especially this is true in regard to commercial contracts. c. Where a unilateral promise is contemplated, assent to the Of Contracts would clarify the issue by adopting and adhering to one of the two divergent. REsTATE mENT (Second) 75, illustration 5. 9. RSTATEMENT.
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