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
Premium Contract
$1000 for his efforts Issue: Is there any consideration for the promise made by Richard? The Law: Every contract requires an offer‚ acceptance‚ and consideration. Consideration is the exchange of benefit and detriment‚ for example‚ the making of a promise in exchange for an act. If a party voluntarily acts and then the other party makes a promise‚ the act is said to be “past consideration.” A past consideration is some act or forbearance in time past by which a man has benefited without thereby
Premium Contract Law
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
Premium Contract Common law Invitation to treat
BUSINESS CONSIDERATIONS Introduction Business management and all the associated activities of setting up and running a business is a very broad area indeed. In this text I do not intend to cover all the aspects and the reader is directed to the multitude of published material that can be found in any library. Instead I intend to provide a brief overview of some of the aspects of business management and organisation which includes the following‚ Business Plan Finance Plan
Premium Marketing Strategic management Management
In English law if other than the 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
Premium Contract Consideration Contract law
2011-2012 Assessment 1 Nick would be suing Angela claiming the full arrears and the return of the car. Nick can only 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
Premium Contract
Business Law(BL) John is an offeror as he is putting his property out at 2 million and this offer may also be made to the world at large not just individuals or specific groups of people(Carhill v Carbolic Smoke Ball Co 1893). After having assessing through the situation of Adam and Bill‚ i would like to touch on assessing Adam’s situation first. In this scenario‚ John was the offeror as he offered 2 million for the house and Adam is the offeree but as Adam was the first viewer of the house
Premium Contract Contract law Invitation to treat
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
Premium Contract Common law
w w w Centre Number Candidate Number Name e tr .X m eP e ap CAMBRIDGE INTERNATIONAL EXAMINATIONS General Certificate of Education Ordinary Level BUSINESS STUDIES Paper 1 May/June 2003 1 hour 45 minutes Candidates answer on the Question Paper. No Additional Materials are required. .c rs om 7115/01 READ THESE INSTRUCTIONS FIRST Write your Centre number‚ candidate number and name on all the work you hand in. Write in dark blue or black pen in the spaces provided on the Question
Premium Employment Business Economy
N11/3/BUSMT/HP1/ENG/TZ0/XX/M MARKSCHEME November 2011 BUSINESS AND MANAGEMENT Higher Level Paper 1 23 pages –2– N11/3/BUSMT/HP1/ENG/TZ0/XX/M This markscheme is confidential and for the exclusive use of examiners in this examination session. It is the property of the International Baccalaureate and must not be reproduced or distributed to any other person without the authorization of IB Cardiff. –3– N11/3/BUSMT/HP1/ENG/TZ0/XX/M The markbands on pages 3–6 should
Premium Scientific method Knowledge Case study