Mcmichael v. PRICE Forum
-
rivermaker
- Posts: 144
- Joined: Sat Jun 19, 2010 2:16 pm
Mcmichael v. PRICE
Can someone explain to me Mcmichael v. PRICE. Wording is hella weird and I googled but still don't fully understand what happened and why its important regarding consideration. Thanks.
-
bdm261
- Posts: 217
- Joined: Wed Feb 01, 2012 1:19 am
Re: Mcmichael v. PRICE
I don't remember this case much other than it was about sand but this is what I have from my notes:
Rule: Too much discretion means no mutuality of agreement; If one party can walk away – no consideration.
Sooner Sand is a Requirements Contract (leaves discretion)
1. Ex. I will make and sell this jewelry and I will buy all the beads I need from you.
a. Can decide not to buy any beads at all.
b. Still a valid K.
c. If K said he could buy "all the sand he wants" that's different because he could buy none and walk away from K.
Rule: Too much discretion means no mutuality of agreement; If one party can walk away – no consideration.
Sooner Sand is a Requirements Contract (leaves discretion)
1. Ex. I will make and sell this jewelry and I will buy all the beads I need from you.
a. Can decide not to buy any beads at all.
b. Still a valid K.
c. If K said he could buy "all the sand he wants" that's different because he could buy none and walk away from K.
