Introduction There is no section or legal principle can state the definition for consideration in a contractual element clearly before the case of Currie v Misa in 1875. The case of Currie v Misa (1875) All ER 686has play an important role in consideration. In the year of 1875‚ there was a company named Lizardi & Co sold four bills of exchanges to Misa. However‚ Lizardi & Co. was a debtor to a bank firm which owned by Mr. Currie and the company was being pressed for the payment. Then‚ Misa knew that
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20 / 20 (100%) # Correct: True/False 7 7 Multiple Choice 3 3 Grade Details - All Questions Question 1. Question : Student Answer: As a general rule‚ if the action upon which you are relying as consideration is something you are already legally bound to do‚ it is not valid consideration. True Points Received: False 2 of 2 Comments: Question 2. Question : Student Answer: Pledges to charities are enforceable as a matter of public policy‚ even though they are really a gift. True Points
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BUSINESS LAW ASSIGNMENT Question 1 Discuss the enforceability of an agreement which lacks consideration. Using legal authorities (relevant statutes and cases) to support your discussion. Answer: A valid contract is an agreement made between two or more parties that creates rights and obligations that are enforced by law. What does the consideration mean? And what does it effect to the agreement? Consideration is something of value exchanged for the promise. It is something given by a promisee in return
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which did not exist prior to the formation of the contract. b- This is not enforceable. This is an example of past consideration‚ which is not consideration. P had already rendered the service at the time the company’s promise was made. In other words‚ the service was not induced by or given in exchange of the promise. If the promise were in writing and acknowledged the past consideration‚ however‚ this contract would be enforceable. 3) This is an example of payment on liquidated debt. Because
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Act1950‚ the use of the words “ has done or abstained from doing” imply that even if the act was prior to the promise‚ such an act would constitute consideration so long as it is done at the desire of the promise. Therefore‚ referring to the situation of Ali‚ he is bound to fulfil his promise to Abu as in Malaysia‚ past consideration is good consideration. This principle was established in the case of Kepong Prospecting Ltd v. Schmidt. In 1953 Tan applied to the Government of the State of Johore for
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avoidance. Here‚ Browning gave Johnson a guarantee to pay $40‚000 in return for Johnson’s demonstration of surrendering the agreement of offer. Adequacy of consideration in one-sided contracts is talked about by Professor Williston in his treatise‚ Contracts § 102 (3d ed. 1957). There he demonstrates that the prerequisite of adequate consideration to bolster a guarantee is met by a hindrance brought about by the promisee (Johnson) or an advantage got by the promisor (Browning) at the solicitation of
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there was no consideration for the promise of the Kendrick Company to purchase‚ and sustained the demurrer. H. The Petroleum Corporation instituted an appeal. 3. I=Issue Would a discontinuance by the Petroleum Corporation to manufacture the grade of oil contracted for result in such a detriment to it as would constitute a consideration for the promise of the Kendrick Company to purchase? 4. R=Rule A benefit to the promisor or a detriment to the promisee is a sufficient consideration for a contract
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should give the money to Louisa W. Hamer. Contention: The Exchequer Chamber’s 1875 definition of consideration is that the contract is consideration. William E.Story‚ 2d did the things which his uncle require him. And Louisa W. Hamer has the legal right. So Franklin Sidway should give the money to Louisa W. Hamer. Rule: The Exchequer Chamber’s 1875 definition of consideration is consideration. If William E.Story‚ 2d gave up the things which his uncle told him‚ he would get the money. And Franklin
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Pre-existing Duty Rule: This case was decided on the basis of Principle of CONSIDERATION under the existing Law of Contracts and the law was same before the ruling of this case. When a seaman is bound by his contract of service to serve for a particular voyage‚ a promise to increase his wages‚ unless there is increased duty or hazard‚ does not bind the promisor.2 It is otherwise‚ however‚ if the promise is made in consideration of increased peril and labor under circumstances which would have justified
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15 Level: Intermediate. Topic: ‘Alibi ’ -Past Simple question forms – consolidation Length: 20 minutes Objectives: By the end of the lesson the students will have practiced and reinforced Past Simple question forms. By the end of the lesson the students will be better able to demonstrate knowledge of the proper form of the Past Simple question forms. By the end of the lesson the students will be better able to demonstrate correct usage of Past Tense Simple questions by participating in
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