Performance of an existing contractual duty is insufficient consideration
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Card 7
Front
Performance of an existing contractual duty owed to a third party will be sufficient consideration if the promisee obtains the benefit of a direct obligation which he can enforce
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Card 8
Front
Consideration must have some economic value
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Card 9
Front
Consideration is “some right, interest, profit or benefit accruing to one party or some forbearance, detriment, loss or responsibility given, suffered or undertaken by the other”
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Card 10
Front
'Payment of a lesser sum on the day [it is due] in satisfaction of a greater cannot be any satisfaction for the whole . . . The payment and acceptance . . . before the day in satisfaction of the whole would be a good satisfaction . . .'
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Card 11
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The part-payment of a debt is insufficient consideration
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Card 12
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Performance of an existing contractual duty may amount to sufficient consideration if the party goes beyond their existing duty
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Card 13
Front
Performance of an existing contractual duty may amount to sufficient consideration if the promisor confers a practical benefit or avoids a disbenefit
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Card 14
Front
Williams v Roffey is limited to contracts for the provision of goods and / or services and will not apply the part-payment of debt. Hence, part payment of debt is no consideration even if there is a practical benefit.
