contract law-contents and consideration
- Created by: launa07
- Created on: 04-05-15 13:09
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- CONTRACT LAW
- consideration
- definition of consideration
- the price paid for a persons promise
- types of consideration
- executed- when a party performs his part of the contract at the time of entering into it
- executory- when the parties exchange promises to do something in the future
- consideration must move from the promise
- in order to sue consideration must be supplied in the promise
- Dunlop v selfridge
- in order to sue consideration must be supplied in the promise
- consideration must not be passed
- promises in a valid contract are made in exchange for each other ... this is not the case if one is made after the event
- Roscorla v Thomas 1842
- 1 exception to the rule - the doctrine of implied assumpsit
- promises in a valid contract are made in exchange for each other ... this is not the case if one is made after the event
- consideration does not need to be economically adequate.
- chappell & co v nestle co ltd 1960
- intention to create legal relations
- it is generally persumed that a agreement between family or friends in a social context is not intended to be a contract
- balfour v balfour 1919
- the presumption can be rebutted,as the circumstance may be such that a legal intention was meant
- merrit v merrit 1970
- it is generally persumed that a agreement between family or friends in a social context is not intended to be a contract
- definition of consideration
- contents of a contract
- terms of a contract
- implied term- one that has not been openly considered by the parties but is read into it by the courts
- expressed terms - a term that has been clearly discussed and stated by the parties in the contract
- importance of statement- statement is classed as a term when it is of such importance to the person who made it
- couchman v hill 1947
- reduction of statement to writing- if a statement made during negotiation and isn't put it writing the courts will assume it is a represen-tation
- timing of the statement - this is important in deciding id it is a term of the contract
- Routledge v Mckay 1954
- actual notice -the claimant new about the term via reading or being told
- olley v marborough court hotel 1949
- reasonable notice - even if the claimant did'nt know about it,it still can be considered as a term as long as there were reasonable notice
- what the courts consider for reasonable notice; 1) timing of document .. 2) type of document ...3) type of clause
- implied terms
- these are read into the agreement from other sources but are part of the contract
- terms of a contract
- consideration
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