Consideration

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  • Consideration
    • What is consideration
      • What each party puts into a contract
      • Some right, interest, profit or benefit to one party or some forbearance, detriment, loss suffered by the other
    • Types of consideration:
      • Executed - present consideration
      • Executory - Future consideration
      • Past consideration - not good consideration
    • General rules:
      • Must be of some value but doesnt have to be adequate
        • Chappel & Co v Nestle & Co
      • Cant be a pre existing public duty
        • Collins v Godefroy
      • Cant be a pre existing contractual obligation
        • Stilk v Myrick
        • Unless a benefit is added or a detriment avoided
          • Williams v Roffey

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