"Consideration" Essays and Research Papers

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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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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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Consideration and Its Rules

[pic] “Consideration and its rules” Assignment# 1 [Law-200] Prepared By: Prepared For: Name: M Shahajada Hossain Barrister Ishtiaque Ahmed (ItA) ID#: 071-573-530 Section: 09 B.B.A Date: 26th October, 2011. Consideration: Consideration is a very important element in a contract. While making a contract; parties of the contract agree...

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Essentials of Consideration

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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Legal Rules of Consideration

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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Consideration - Business Law

promises to pay Ryan $1000 for his efforts Issue: Is there any consideration for the promise made by Richard? The Law: Every contract requires an offer, acceptance, and considerationConsideration is the exchange of benefit and detriment, for example, the making of a promise in exchange for an act.   If a party voluntarily acts and then the other party makes a promise, the act is said to be “past consideration.”  A past consideration is some act or forbearance in time past by which a man has benefited...

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Consideration (Malaysia Law)

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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Consideration and Promissory Estoppel Notes

LEGAL RELATIONS, CONSIDERATION, PROMISSORY ESTOPPEL AND DURESS 1. What is the effect of including an "honour clause" in a written agreement? (2) An "honour clause" has the effect of rebutting the normal presumption of an intention to create legal relations in a commercial agreement (1). Its effect is to render the agreement binding in honour only so that it will not be a legally binding contract. (1) 2. What is the consideration to support a unilateral promise? (1) The consideration to support a unilateral...

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Examine What Is Meant By Consideration And Consider What Amounts To Good Or Sufficient Consideration

 Examine what is meant by consideration and consider what amounts to good or sufficient consideration. Consideration is an essential element for the formation and enforcement of a contract. It is the barge by which agreements are enforced in English contract law. It makes simple the process of parties creating contract. Curry v Misa, is one of the cases where the courts defined consideration as a benefit, a right, a profit to one party, a forbearance, a loss to another. Dunlop v selfridges...

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LAW OF CONTRACT Subject Code : 101 TOPIC : VALUE OF INSUFFICIENCY OF CONSIDERATION IN CONTRACT PRESENTED BY : NAME : Siddharth Dalabehera ROLL : 1283092 COURSE : BA LLB (B) UNDER THE GUIDANCE OF : MS. Jinia Kundu and MR. P. K. Ghosh ACKNOWLEDGMENT I owe a great many thanks to a great many people who helped and supported me during...

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