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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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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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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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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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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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 D
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Law‚ 7e (Cheeseman) Chapter 23 Transferability and Holder in Due Course 61) How does the definition of value for purposes of holder in due course differ from the definition of consideration? Why do you think there is a difference? Should there be a difference? Answer: An unfulfilled promise qualifies as consideration‚ but is not considered value given under Article 3 of the UCC. This is because a holder has not actually performed the promise‚ and thus has lost nothing yet‚ and therefore does not
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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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