Consideration

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  • Created by: kiwaa
  • Created on: 15-04-16 15:40
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  • Consideration
    • An existing contractual duty will not amount to valid consideration
      • Unless they go beyond what is expected of them
      • If there is a practical benefit, then it will amount to valid consideration
      • An existing contractual duty to a third party may be valid consideration for a new promise
    • Consideration must be sufficient but need not be adequate
      • The consideration must have value, but does not need to be market value eg, the £1 house
    • An existing public duty will not amount to valid consideration
      • Unless the promisee goes above and beyond
    • Consideration must not be past
      • Part consideration may be valid where it is preceded by a request
    • Part payment of a debt
      • Part payment of a debt is not valid consideration to release the full debt
      • If part payment is made by a third party, this is sufficient to release the debt
    • Consideration must move from the promisee
      • If the consideration moves from someone other than the promisee, the promisee cannot enforce the contract
    • Promissory Estoppel
      • A pre-existing contractual duty must then be modified
      • The promise must be clear and unambiguous
      • Change of Position
      • It must be unequitable to go back on the promise

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