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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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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Consideration Student Name Instructor Name University Affiliation Date Abstract Consideration is the price that the promisor asks in exchange for their promise‚ that is‚ the price of a given promise. Consideration is not a significant part of a contract in a number of jurisdictions. Once parties have reached a binding agreement‚ that becomes sufficient. Nevertheless‚ the common law requires that for agreement to be binding‚ the person to whom a promise is made (promisee) must offer
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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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the original offer was still valid because this inquiry was a mere request for information about the offer rather than a counter offer‚ it does not imply a rejection of the offer. An example of a mere request is the case of Stevenson‚ Jacques & Co v McLean (1880) : The defendant offered to sell a quantity of iron at £2 a ton. The offeree asked if he could have credit. The defendant did not reply‚ but instead sold the iron to a third party. Then the offeree accepted the offer to sell at £2 a ton
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succeed if he can prove there is no consideration. Consideration can be defined by Sir Frederick Pollock‚ approved by Lord Dunedin in Dunlop v Selfridge Ltd [1915] AC 847 where each party must give something in return from what is gained from the other party; ‘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.’ The traditional definition in Currie v Misa (1875) LR 10 Ex 153; (1875-76)
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AN EXAMINATION OF THE FACTORS THAT DETERMINE PROFITABILITY OF THE NIGERIAN BEER BREWERY FIRMS THE Okwo Ifeoma Mary.1 Ugwunta David Okelue2 Agu Sylvia Uchenna. 3 ABSTRACT This paper examines the internal factors that determine the profitability of the beer brewery firms in Nigeria. An OLS in the form of multiple regressions were applied to annual data generated from the annual statements and accounts of the sampled beer brewery firms covering a period of 2000 to 2011. The correlation and regression
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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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the future strategy for both products which Cobra Beer and Kingfisher Beer. The aim of this report is to compare both of the products in the UK market and to get the future forecast that where both of the products have place in the market. The reason I have chosen those products is just because I am working for Cobra Beer head office and I wasn’t difficult for me to get the information for the company’s product I am working for. As far Kingfisher Beer is concern‚ I have really put my efforts searching
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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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