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• What are the essential elements for a valid contract?

  Offer, acceptance, consideration, intention, privity
• What does consideration in contract law refer to?

  Exchange of something between parties
• How does a gift differ from consideration in a contract?

  A gift expects nothing in return
• What must both parties do for consideration to exist?

  Both must give something to each other
• What did the court state in the Curry and Mies case regarding consideration?

  Must give up a legal right or benefit
• What types of actions can constitute consideration?

  Giving up a right, benefit, or suffering a detriment
• What is often exchanged as consideration in contracts?

  Money, but not exclusively
• What are the five rules of consideration?

  1. Need not be adequate but must be sufficient
  2. Past consideration is not good consideration
  3. Consideration must move from the promisee
  4. Performing an existing duty cannot be consideration
  5. Promise to accept part payment of a pre-existing debt is not consideration
• What does it mean that consideration need not be adequate but must be sufficient?

  Value must be acceptable, not market value
• Can someone sell their house for a pound as consideration?

  Yes, if both parties agree
• What case illustrates adequate consideration with minimal value?

  Thomas and Thomas
• What was the significance of the Chaplain v. Nestle case?

  Chocolate wrappers were adequate consideration
• What does sufficient consideration mean?

  Must have real value, even if minimal
• What case demonstrates that complaining is not a legal right?

  White and Blue
• Why was there no consideration in Ward and Bitham?

  Maintaining a child is a legal obligation
• What does past consideration mean in contract law?

  Consideration already performed has no value
• What case illustrates that past consideration is not good consideration?

  Re McArdle
• What is an exception to the rule of past consideration?

  Implied request for a task to be paid
• What case supports the exception for past consideration?

  Re Cases Patent
• What must be shown for the exception of past consideration to apply?

  Implied promise to pay for completed work
• What does consideration must move from the promisee mean?

  Only the promisee can provide consideration
• What case illustrates that consideration must move from the promisee?

  Tweddle and Atkinson
• Why was there no consideration in Tweddle and Atkinson?

  The son did nothing for the payment
• What is the rule regarding performing an existing duty?

  Cannot be consideration for a new contract
• What case illustrates that performing an existing duty cannot be consideration?

  Collins and Godfrey
• What was the outcome in Glassbrook Brothers case?

  Consideration was found due to extra work
• What is the current commercial position regarding pre-existing duties?

  Courts seek commercially viable solutions
• What case illustrates the rule about part payment of a pre-existing debt?

  Pinnel's Case
• What does the Pinnel's Case state about part payment?

  Creditor can claim the remainder later
• What must happen for part payment to be valid consideration?

  Must be paid before the due date
• What are the two exceptions to the rule of part payment?

  Accord and satisfaction, promissory estoppel
• What is required for accord and satisfaction to apply?

  Creditor must suggest a lesser amount
• What does promissory estoppel prevent?

  Breaking a promise to accept lesser payment
• What case illustrates the concept of promissory estoppel?

  High Trees House
• What must the promisee show for promissory estoppel to apply?

  Must show reliance on the promise
• What does "clean hands" mean in the context of promissory estoppel?

  Must have behaved morally in the situation
• What case illustrates the "clean hands" doctrine in promissory estoppel?

  DNC Builders
• What is the overall concept of consideration in contract law?

  • Exchange of value between parties
  • Must be sufficient and real
  • Cannot be a gift
  • Must move from the promisee
  • Must not be past consideration