Consideration In contract law consideration is concerned with the bargain of the contract. A contract is based on an exchange of promises. Each party to a contract must be both a promisor and a promisee. They must each receive a benefit and each suffer a detriment. This benefit or detriment is referred to as consideration. Consideration must be something of value in the eyes of the law - (Thomas v Thomas). This excludes promises of love and affection‚ gaming and betting etc. A one sided promise
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Introduction Consideration is one of the essential elements for a formation of a contract.1 According to Lord Pollock’s definition of consideration which is an act or forbearance of one party‚ or the promise thereof‚ is the price for which the promise of the other is bought and the promise thus given for value is enforceable.2 Besides that‚ consideration must be something of value given or promised in exchange for the promise given by the other party in order for a valid contract to be formed.3
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Essentials of Consideration Presence of consideration is one of the requisites of Valid Contract. Consideration must be of two directional nature. That means both parties should get benefited mutually. Then only the Contract becomes capable of creating legal relations. Consideration may be in the form of cash‚ goods‚ act or Abstinence. Definition of Consideration “When at the desire of the promissor‚ the promisee or any other person has done or abstained from doing or does or abstains from
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Rules of consideration 1. Consideration must not be past: Re McArdle (1951) Ch 669 Court of Appeal Majorie McArdle carried out certain improvements and repairs on a bungalow. The bungalow formed part of the estate of her husband’s father who had died leaving the property to his wife for life and then on trust for Majorie’s husband and his four siblings. After the work had been carried out the brothers and sisters signed a document stating in consideration of you carrying out the repairs we agree
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Legal rules as to consideration: 1) Consideration must move at the desire of the promisor: the act done or loss suffered by the promise must have been done or suffered at the desire or request of the promisor. The act done at the desire of a third party or without the desire of the promisor cannot be a good consideration. It is not necessary that the promisor himself should be benefited by the acts of the promise. The benefit may be intended for a third party. But the desire or request
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promisee provide consideration‚ then the promise could not be enforce by the law. This problem usually may arise when third party involve. For example in the case of Price v Easton (1833)‚ In this case X are doing work for Easton and Easton make a contract with X. In return for X services Easton would pay a price of $19 to Price. The work was done by X but Easton didn’t make any payment to Price and Price sue Easton. Court held that Price claim failed as he didn’t make any consideration. However under
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Why the past should not be glorified We should not preserve the past‚ we should look to the future. We are living in the modern era‚ where people are practical and realistic‚ optimistic that new inventions and discoveries will improve their lives. For most‚ it would be plain foolishness if one were to be so mindful about the past‚ when instead‚ one should invest his time and thought into building a better and more meaningful life in the future. Ironically‚ in the midst of their “pragmatic” judgement
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October 3‚ 2012 Past is Past Past is past. From whom do we often hear this quote? We frequently hear this from different people around us which experienced a lot of things in their lives such as: those people who experienced falling in and out of love and do not want to talk about what they had before hence they bring the flow of their conversation with their friends to another topic; those who are mistreated in their past‚ avoiding to remember what happened way back
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Topic: Do memories hinder or help people in their efforts to learn from the past and succeed in the future? No matter how much we want to forget‚ we still remember what and how we did it. Sometimes‚ we regret the things that hurt other people especially our loved ones‚ friends and even our teachers. We always think that sharing the worst memories is as hard as a rock but after sharing them‚ we feel a difference in both our minds and body. Memories were our completion to who we are and what
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Relationship of the Past in My Antonia “Some memories are realities‚ and are better than anything that can ever happen to one again”; this quote by Willa Cather expresses the relationship that the past can have on humans. Some would argue that the past has no role in My Antonia‚ almost as if the overall lesson of the novel had gone right over their head. Willa Cather has written the whole novel in flashback form‚ and this has a great effect on the reader. She is trying to show that you can
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