bargain

bargain, n. An agreement between parties for the exchange of promises or performances. • A bargain is not necessarily a contract because the consideration may be insufficient or the transaction may be illegal. See BARGAIN SALE; informal contract under CONTRACT. [Cases: Contracts

1. C.J.S. Contracts §§ 2–3, 9, 12.] — bargain, vb.

“A bargain is an agreement of two or more persons to exchange promises, or to exchange a promise for a performance. Thus defined, ‘bargain’ is at once narrower than ‘agreement’ in that it is not applicable to all agreements, and broader than ‘contract’ since it includes a promise given in exchange for insufficient consideration. It also covers transactions which the law refuses to recognize as contracts because of illegality.” Samuel Williston, A Treatise on the Law of Contracts § 2A, at 7 (Walter H.E. Jaeger ed., 3d ed. 1957).

catching bargain. An agreement on unconscionable terms to purchase real property from — or loan money secured by real property to — a person who has an expectant or reversionary interest in the property.

illegal bargain. A bargain whose formation or performance is criminal, tortious, or otherwise contrary to public policy.

plea bargain. See PLEA BARGAIN.

time-bargain. See FUTURES CONTRACT.

unconscionable bargain. See unconscionable agreement under AGREEMENT.

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