Class notes
contract law
- Course
- Institution
- Book
Lecture notes study book Een nieuw sociaal contract of Pieter Omtzigt (1) - ISBN: 9789044648058, Edition: 1, Year of publication: - (contract)
[Show more]
Connected book
Book Title:
Author(s):
- Edition:
- ISBN:
- Edition:
More summaries for
-
contract law
-
contract law
Seller
Follow
finernotes
Content preview
What is consideration?All contracts require that something is given in return for something else.
There should be a benefit to the person receiving something or a detriment to
a person giving it. Both may be present, but the presence of one or the
others is enough.
Dunlop V Selfridge 1915- “the price for which the promise of the other is
bought”
Rules of Consideration:
1. The consideration must be sufficient but need not be adequate:
Consideration must be sufficient but not be adequate. Sufficent must be
real or tangible; having some actual value. Hapell & Co v Nestle Co Ltd
1960; Thomas v Thomas 1842. Forbearance: White v Bluett 1853
2. The consideration must not be past.
3. The consideration must move from the promisee.
4. An existing duty will not amount to valid consideration.
5. Part Payment of a debt is not valid consideration for a promise to forego
the balance: This is where a party offers to pay only part of a debt in
satisfaction of the whole debt.
Types of Consideration:
1. Executory- consideration remains in the future- a promise in return for
promise
2. Executed- consideration already performed but it cannot be past
Cases:
Roscorla v Thomas 1842
RE McArdle 1951: Authority for principle that past consideration is not good
consideration
Lampleigh v Braithwait 1615
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller finernotes. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $24.58. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67474 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now