consideration

• essential to find valid consideration for a legally binding contract
• consideration def - some right interest or profit accruing to one party and some detriment or loss suffered by the other
• consideration - benefit or loss that each party receives from entering into the contract
• Thomas v Thomas - consideration means something that is of some value is moving between the parties
• sufficient consideration - benefit or detriment must be legally sufficient
• sufficent doesn't mean adequate - doesn't need to be in equivalent value
• legally sufficent - ceasing to complain is not legally sufficient - white v bluet
• pitt v ohh assett management - giving up a legal right to sue is sufficent consideration
• combe v combe - consideration can be referred to as price paid for the promise
• Shadwell v Shadwell - doing something that you are already obliged to do can constitute good consideration
• Re McArdle - past consideration is not good consideration
• rules for valid consideration - must move from promisee - need not be adequate but must be sufficent - must not be past - must be over and above an existing obligation - consideration must move from the promisee - consideration must be possible and legal
• consideration must move from the promisee - means that a person can only enforce a promise if they provided consideration for it
• bilateral contracts - consideration must move from each party towards each promisor
• price v Easton - cannot successfully sue if there is no consideration
• sufficent means something of value must be given
• not adequate - it does not matter if that something of value is not representative of the subject matters true worth
• exception to past consideration - a subsequent promise to pay a stated sum could be past consideration
• executed consideration - performance of an act in return of a promise
• public duty - performance of a preexisting public duty is not good consideration
• public duty - relates to cases of the police going beyond public duty - Harris v Sheffield united football club
• stylk v myrick - performance of existing contractual duty is not good consideration
• consideration must be possible and legal
• possible - promise to do something which is physically impossible does not constitute consideration
• legal - if the contract is contrary to the rule of law or deemed immoral then the courts will not give credit to the contract