Consideration

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Created by: sarahbeckett
Created on: 22-10-18 15:21

What is consideration?

There are three elements

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1st element

either a benefit to promisor or a detriment to the promisee

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2nd element

must be something requested by the promisor in return for his promise

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3rd element

Consideration must move from the promisee

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What is executory consideration?

A promise. I promise to £1000 in exchange for your promise to give the ownership of your car to me(a sale contract)

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What is executed consideration?

I promise to pay you £1000 to shout out loudly. Performance is executed consideration

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What is forbearance?

Not taking legal action against someone who owes you money. It is a good consideration

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What is past consideration?

Something which the promisee has already done before the promise is made. There is no detriment to the promisor or benefit to the promisee

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Existing duty

A policemen has a legal duty to protect the public. If you pay him to do that it is a bad consideration

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Existing contractual duty to a third party

George is under contract to work for the uni of leeds. I promise to pay him £1000 to teach me. This is a good consideration, because now if George doesn't teach me I can sue him, whereas previously I wouldn't have been able to, only UoL could.

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Existing duty in the same contract

changing the conditions within a contract. it isn't a good consideration because it generates neither a benefit or detriment

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What may promissory estoppal be used for?

modifying a contract

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Other cards in this set

Card 2

Front

1st element

Back

either a benefit to promisor or a detriment to the promisee

Card 3

Front

2nd element

Back

Card 4

Front

3rd element

Back

Card 5

Front

What is executory consideration?

Back

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Consideration