Consideration
- Created by: Molly Byrne
- Created on: 05-03-15 11:21
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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
- Must be of some value but doesnt have to be adequate
- What is consideration
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