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    Consideration

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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

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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

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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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    The past

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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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    Past and Memories

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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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    The Past In My Antonia

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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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    of true information being passed around as common knowledge‚ it has become a kind of daily entertainment. Mum may read about some old actress‚ while Dad mutters about how the country is down in the dumps. I think that Newspapers are a thing of the past. They are because: We can simply get all the information and news we need faster and cheaper from the internet than waiting for the newspaper. Plus if we stop printing newspaper we will be able to save a lot more trees which will help us in the

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    Learning from the Past

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    Learning about the past Learning about the past has no value for those of us living in the present. Do you agree or disagree? Use specific reasons and examples to support your answer. There are several views from the people‚ whether important or not for us keep memorizing the thing that had happened in the past and then try to put on ours life now. For this topic‚ I would like to discuss about the positive and negative impacts that we can get from that. First of all‚ there are some proverbs

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    Look to the Future or to the Past? Today there are many obstacles to success‚ and the decisions you make‚ along with a little bit of luck will greatly influence whether you succeed or not and the magnitude of this success. Now the things we have done on the past will influence what people think about us‚ influence the actions that people have on us‚ and is significant in the situations you will be put in. However‚ when we are faced with making a decision nowadays‚ we must look at the big picture:

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    Mythology the Past and Present Nike is the winged goddess of victory according to Greek mythology. She sat at the side of Zeus‚ the ruler of the Olympic pantheon‚ in Olympus. A mystical presence‚ symbolizing victorious encounters‚ Nike presided over history’s earliest battlefields. A Greek would say‚ "When we go to battle and win‚ we say it is Nike." Synonymous with honored conquest‚ Nike is the twentieth century footwear that lifts the world’s greatest athletes to new levels of mastery and achievement

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    excellent facilities was not a present from god. It was made by people of all generations who always learned from the past and developed everything they had learned from it. Thus‚ I totally disagree with the statement above that learning about the past has no value. The first reason for this is that learning about the past brings us all the knowledge and information in the past. Without yesterday‚ there is no today. A society can develop only when its people inherit and understand the achievements

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    Past Consideration (Law)

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    1.0 Introduction 1.1 Consideration Consideration is also known as element of exchange. To be a contract‚ the transaction must be supported by consideration. According to general rule‚ s. 26 of CA state that an agreement made without consideration is void. We can define consideration as the price paid for benefit received or is an exchange of promises. It means that something with monetary value‚ voluntarily exchanged for an act‚ benefit‚ forbearance‚ interest‚ promise‚ right‚ or goods or services

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    Hyde v Wrench(1840) Hyde v Wrench [1840] EWHC Ch J90 is a leading English contract law case on the issue of counter-offers and their relation to initial offers. In it Lord Langdale ruled that any counter-offer cancels the original offer. Wrench offered to sell his farm in Luddenham to Hyde for £1000‚ an offer which Hyde declined. On 6 June 1840 Wrench wrote to Hyde’s agent offering to sell the farm for £1000‚ stating that it was the final offer and that he would not alter from it.[1] Hyde offered

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    The Past‚ Present‚ and a Condemned Future “The past is the present‚ isn’t it? It’s the future too. We all try to lie out of that but life won’t let us”(882). The character of Mary Tyrone declares this quote and poses an ominous thought; the state of time is merely irrelevant in life. It does not matter whether one resides in the present‚ the past can hauntingly resurface; the hope for the future can consume and blur what occurs currently. The main characters of Tennessee Williams’ A Streetcar Named

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    In the novel Beloved by Toni Morrison‚ the past has a crucial effect on individual’s futures. Throughout the novel‚ each individual’s history brings an impact to the four main characters: Sethe‚ Paul D.‚ Denver and Beloved. Morrison presented each character with different traits to present his theme‚ don’t let the past affect the future. Sethe is one of the four main characters that lets her past play a harsh effect in her individual future. In 1855‚ Sethe escaped from the cruel occupation of

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    Some people claim that the living in the present can actually cause more harm than good. They say that in order to lead a productive and profitable life‚ one must study both the past and the future‚ the present is only a stepping stone. I think that this is quite the opposite. The past must be learned from‚ the future must be looked at‚ but the present is where things happen‚ where a person can make things happen. In each persons time‚ he has the chance to make a mark upon the world. Each

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