Consideration
- 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
- An existing contractual duty will not amount to valid consideration
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