RULES OF CONSIDERATION

• 1. CONSIDERATION MUST BE SUFFICIENT AND NEED NOT BE ADEQUATE 


  Chappel v nestle
• 2. consideration may be executory (future) or executed (present) but not past


  (Roscorla v Thomas)
• 3. performing an existing contractual obligation owed to the other party will not constitute good consideration to enforce a subsequent promise 


  e.g of extra payment by other party

  (Stilk v Myrick cf Hartley v Ponsonby)
• unless there is an additional practical benefit for the other party 


  Williams v Coffey bros
• 4. payment of a lesser sum on the due date in satisfaction of a greater sum cannot be statisfaction for the whole 


  Pinnell's case; D and C builders v Rees
• what if a lesser sum is paid before due date

  And the offering of something of value instead of money would be valid consideration is accepted (Pinnel's case)