Contract Law - Consideration

Further requirement in order for a contract to be enforceable by law.

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  • Created by: Emma
  • Created on: 21-05-09 14:44

1. What is consideration sometimes defined as?

  • The price paid for a promise
  • Ensuring the parties consider their options before entering into a contract
  • Both parties considering the consequences if the contract was breached
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2. Consideration is often money but may also be a promise to perform a service, hand over goods or even refrain from doing something

  • True
  • False

3. An older definition using the idea of 'benefit' and 'detriment' can be seen in which case?

  • Stevenson -v- McLean
  • Currie -v- Misa
  • Dunlop Pneumatic Tyre Co v Selfridge & Co

4. When is consideration not an essential element of a contract?

  • Where it is just an agreement to give someone a present
  • A formal legal document which indicates it is a deed and has been signed, witnessed and delivered
  • Where the contract is 'Subject to Contract'

5. The two main types of consideration are executory consideration and executed consideration

  • True
  • False
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