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