Post
Topic
Board Scam Accusations
Re: Nefario GLBSE
by
kjj
on 26/09/2012, 18:58:23 UTC
There doesn't need to be consideration in this case because there is detrimental reliance sufficient to establish promissory estoppel (see my other post). But there was consideration -- Goat acquired shares on GLBSE, transactions for which GLBSE receives a commission.

You'd need a lawyer with huge balls to argue that this counts as consideration.

A peppercorn doesn't cease to be good consideration should it become known the payee doesn't like pepper and has thrown away the corn.

Consideration isn't a synonym for gain or profit.  It requires an exchange, a trade.  The commission paid isn't paid for the promise, it is incidental to it.  It may have happened because of the promise, but not in consideration of it.