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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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 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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A market place is the place spread out in a specific area‚ where a variety of goods of daily requirements are available for purchase by customers. There are an umpteen number of markets all they catering to the daily requirements of the public‚ and they are placed close to residential areas for the convenience of the customers. I had heard a lot about a market called Chandni Chowk in Old Delhi but had never seen it. Once this year‚ in the month of October‚ on the occasion of my sister’s marriage
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Considerations in Casino Design " Architecture organizes and structures space for us‚ and its interiors and the objects enclosing and inhabiting its rooms can facilitate or inhibit our activities by the way they use this language"(Lawson pg.6). Casinos are tough and competitive markets that strive to out do one another in promotions‚ amenities and overall design. A critical analysis of the considerations taken when designing a casino can be broken down into the theoretical forces of psychology
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consumers‚ but there is no single company that dominates that market to the point of setting the standards in terms of pricing. Markets with this type of condition normally have large numbers of sellers who are capable of meeting the needs of consumer market‚ and actively compete with one another for the business of those consumers. There are several advantages to the existence of a perfect competition situation within a given consumer market. One has to do with the options open to customers. With a
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Chapter 12 CONSIDERATION A. Legal Sufficiency 1. Adequacy 2. Unilateral Contracts 3. Bilateral Contracts 4. Illusory Promises a. Output and Requirement Contracts b. Exclusive Dealing Contracts c. Conditional Promises 5. Pre-existing Obligation a. Modification of a Pre-existing Contract b. Substituted Contracts c. Settlement of a Undisputed Debt d. Settlement of an Disputed Debt B. Bargained-For-Exchange 1. Past Consideration 2. Third Parties C. Contracts without Consideration 1. Promises to
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