Consideration

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  • Created by: Tiffany
  • Created on: 28-11-11 15:47

Consideration

               

                Define

Consideration is “the price for which the promise of the other is bought”

-Must pass between parties.

 

                Existing duty not good consideration

- (Legal duty)

Except when something extra

                Non-existing obligation

- (Contractual Duty)

-Except when 3rd party interested

-Except when something extra is added

- Agency

    -why (evaluation)>it makes practical sense as the agency has skills and expertise.

 

Past consideration is not good consideration

-except where a service is requested

-cabs/taxis

-Implied Payment

 

Consideration must not be adequate but must be sufficient

Sufficient = something

Not equal

Something = tangible; value

 

The right to sue requires consideration

 

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